Clearbeach Resources Inc. and Budd Energy Inc. signed an agreement in principle to acquire Liberty Oil & Gas Ltd. from Tribute Resources Inc. (TSXV:TRB) for CAD 0.9 million on October 12, 2017. As a part of the consideration, Clearbeach Resources Inc. and Budd Energy Inc. will pay CAD 0.29 million in cash; Clearbeach Resources and Budd Energy will assume Tribute debt in the amount of CAD 0.31 million and will also assume Tribute debt owing to Clearbeach Resources and Budd Energy in the amount of CAD 0.3 million. In two related transactions, Tribute Resources Inc. has entered into agreements whereby it will sell its oil and natural gas assets to On-Energy Corp. for CAD 1.4 million and will also sell Bayfield Resources Inc. to an unknown buyer for CAD 1 million. Post transaction, the PACE term debt in the approximate amount of CAD 0.87 million is a liability of Liberty and will remain with Liberty. At the completion of the two transactions, namely the sale of oil and natural gas assets and Liberty Oil & Gas Ltd., all Tribute security will be release from PACE as the debt is transferred to ON and Liberty. The transaction is subject to the approval of TSX Venture Exchange and has been approved by the Board of Directors of Tribute. The sale of these assets will enable Tribute to focus on its renewable energy projects within the tidal and marine sector and will provide working capital to continue with these development initiatives. The sales will also enable Tribute to access additional financing for its renewable energy projects that can only be sourced after the non-renewable assets have been divested. KPMG served as the valuer on the transaction. Clearbeach Resources Inc. and Budd Energy Inc. completed the acquisition of Liberty Oil & Gas Ltd. from Tribute Resources Inc. (TSXV:TRB) on November 29, 2017. As of November 29, 2017, the transaction was approved by TSX Venture Exchange.