Tribute Resources Inc. has established a new corporation called International Marine Energy Inc. (IME). IME has acquired the interests of Tribute in Western Tidal Holdings (WTH).
It is the intent of Tribute to develop all further tidal power projects in Canada and internationally within IME. IME is currently a wholly owned subsidiary but Tribute is in negotiations with third parties to source financing and development expertise.
IME has been initially funded by a cash share contribution of $1 million from Tribute.
IME has assumed the interest of Tribute in Fundy Tidal Inc. (Fundy Tidal) and its projects. IME and Fundy are developing the 1.95MW small-scale tidal COMFIT project awarded to Fundy Tidal by the Province of Nova Scotia located at Digby, Nova Scotia, in the Digby Gut Limited Partnership.
Both IME and Fundy Tidal will form and manage the project team to work with Dutch-based tidal turbine producer, Tocardo International BV, to commission the project which may include the installation of up to 16 of their T200 turbines and the design and development of a floating barge platform to house them.
The Digby Gut project is one of three COMFIT projects under development in Digby County by Fundy Tidal. IME and Fundy Tidal have also entered into a Right of First Refusal Agreement to develop and finance all current COMFIT projects and to collaborate on future projects in Atlantic Canada.
On November 6, 2014, IME closed the purchase negotiated by Tribute for a minority equity interest in Fundy Tidal shares. Fundy Tidal has elected two representatives of IME to its Board of Directors : Tribute President Jane Lowrie and IME Vice President Peter Budd. In addition, Jennifer Lewis, the CFO of TRB will also be appointed CFO of Fundy Tidal.
The purchase price for a 20% share interest in Fundy Tidal is the sum of $1,195,500. IME paid $597,750 on closing and will pay the balance on financial close of the Digby Gut Limited Partnership.
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Press release; Image: Tocardo