Fundy Tidal has reached a deal with Tribute, through its subsidiary International Marine Energy Inc. (IME), on November 6, 2014, during the International Conference on Ocean Energy 2014 in Halifax, Nova Scotia.
IME has taken 10% minority interest in Fundy Tidal, the total of 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.
“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.
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.
Press Release; Image: Fundy Tidal Inc