On November 29, 2017, Tribute Resources Inc. (TSXV: TRB.VN) announced the execution of the final agreements to complete two remaining sales transactions in connection with the company’s reorganization.
In the first transaction, Tribute sold all of its remaining oil and natural gas production assets, related equipment and undesignated natural gas storage assets which were directly held by Tribute to ON-Energy Corp. In the second transaction, Tribute sold all of the issued and outstanding shares of Liberty Oil & Gas Ltd. to Clearbeach Resources Inc. and Budd Energy Inc.
Now that these sales have been completed, Tribute will be able to access additional financing for its renewable energy projects that could only be sourced after the non-renewable assets were divested.
Alex Lalka of Miller Thomson advised Tribute on securities law aspects of these divestitures.