The Digby Courier
Published on November 21, 2014
WESTPORT - Fundy Tidal Inc. of Westport said today has closed its deal with Tribute Resources Inc., which sees the Ontario-based energy company take a 10 per cent minority interest in Fundy Tidal for a subscription price of $597,750.
The London, Ont., company plans to purchase a further 10 per cent.
Tribute is making the investment through its wholly owned subsidiary International Marine Energy Inc. The purchase of 398,500 Fundy Tidal shares was announced Nov. 6 during the International Conference on Ocean Energy in Halifax.
As announced in September, the board of directors of Fundy Tidal has appointed Jennifer Lewis, the chief financial officer of Tribute, as CFO of Fundy Tidal.
In today's news release, Fundy Tida said it and IME have also entered into a right of first refusal agreement to develop and finance all current Fundy Tidal COMFIT (Community Feed-in Tariff) projects and to collaborate on future projects in Atlantic Canada.
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