Fundy Tidal has closed investment by Tribute, through its wholly owned subsidiary International Marine Energy Inc. (IME), on November 6, 2014, during the International Conference on Ocean Energy 2014 in Halifax, Nova Scotia.
IME subscribed for 10% minority interest in Fundy Tidal, being 398,500 common shares, for a subscription price of $597,750. In addition, the board of directors of Fundy Tidal has appointed Jennifer Lewis, the CFO of Tribute, as the Chief Financial Officer of Fundy Tidal.
IME and Fundy Tidal have also entered into a Right of First Refusal Agreement to develop and finance all current Fundy Tidal COMFIT projects and to collaborate on future projects in Atlantic Canada.
Following the issuance of the common shares to IME, Fundy Tidal declared a stock dividend on its issued and outstanding common shares. Each shareholder of the Company received one Class B Preferred Share for each common share held by such shareholder. Each holder of an option to purchase common shares in the capital of the Company was granted an option to purchase an equivalent number of Class B Preferred Shares in the capital of the Company.
The Class B Preferred Shares confer upon the holders of such shares the right to receive cumulative preferential dividends equal to 50% of the amount received by the Company as income on its investment in Digby Gut Limited Partnership.
“This influx of investment enables us expand our staff, hire contractors and continue to develop our projects and internal expertise. We have excellent partners to complete the financing required for our COMFIT projects and to grow our company into a leader in marine renewable energy locally and internationally. The addition of Jennifer Lewis as CFO is a great compliment to the experience of Fundy Tidal’s team,” commented Doug Bertram, Fundy Tidal Chairman and CEO.