Tribute Resources Inc. (TSXV:TRB) entered into a letter of intent to acquire remaining 53.5% stake in TOCARDO INTERNATIONAL BV from Hans van Breugel and other shareholders for €1.4 million on August 3, 2017. Tribute Resources will issue 53 million of its common shares. Hans van Breugel, Director of Tribute owns 20% stake in TOCARDO and any sale of these stake will be considered to be a related party transaction. On completion, Tocardo will be a wholly owned subsidiary of Tribute and will change its name to Tocardo Energy Inc. and Board of Directors will include four members from Tribute and three from Tocardo, but its offices and staff will remain in Den Oever, with its head office in Canada. The share exchange is based upon a valuation commissioned by Tribute and prepared by KPMG dated May 24, 2017 with an effective date of December 31, 2016. The definitive agreement will be prepared in September 2017. Tribute will continue with the consolidation of stock on the basis of 5 shares to 1 share prior to the share swap. As a condition to the transaction, Tribute will guarantee a portion of TOCARDO loan with ABN-AMRO, but not exceeding €0.14 million. The acquisition is subject to the execution of a purchase and sale agreement between Tribute and all of the shareholders of Tocardo, the disposition of its oil and gas assets such that Tribute will continue with a sole focus on the renewable energy industry and final approval from the TSX V. The acquisition is expected to close on or around September 30, 2017.