On-Energy Corp. signed an agreement in principle to acquire oil and natural gas assets of Tribute Resources Inc. (TSXV:TRB) for CAD 1.4 million on October 12, 2017. The acquisition will also include the acquisition of former Magnum assets. As a part of the consideration, On-Energy Corp. will pay CAD 0.02 million in cash, assumption by On-Energy of Tribute payables in the amount of CAD 0.44 million related to the purchased assets and the partial assumption of the PACE Savings & Credit Union Limited short-term lines of credit of CAD 0.93 million. In two related transactions, Tribute Resources Inc. has entered into agreements whereby it will sell its 100% interest in Liberty Oil & Gas Ltd. to Clearbeach Resources Inc. and Budd Energy Inc. for CAD 0.90 million and will also sell Bayfield Resources Inc. to an unknown buyer for CAD 1 million. 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. On-Energy Corp. completed the acquisition of oil and natural gas assets of Tribute Resources Inc. (TSXV:TRB) on November 29, 2017.