Tribute Resources Inc. , (“Tribute”) announced that it is continuing to diversify its renewable energy portfolio and will extend its geographic reach by actively participating in the development of tidal power generation in and around the British Columbia Gulf Islands.
Tribute has entered into an arrangement with Western Tidal Holdings Inc. (“Western Tidal”), a developer focused on licensing up to fifteen tidal generation projects in the area. Western Tidal’s Dodd Narrows project, near Nanaimo, recently received the first investigative license ever granted by the Province under new Provincial licensing guidelines.
Tribute will contribute project development expertise and raise capital for the development of these projects commencing immediately. Tribute will purchase up to 26,000 shares of Western Tidal at a per share cost of $5 as an initial investment tranche.
Tribute may be investing additional amounts of capital as needed to fund the projects as project milestones are reached.
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Press release, December 26, 2012; Image: western tidal holdings