Canadian energy company Tribute Resources and a Dutch-based tidal energy solutions provider Tocardo have been unable to reach agreement on the final definitive agreements required to facilitate the earlier announced share swap.
The proposal was for the share exchange of Tribute shares (Tribute currently owns 46.5% of Tocardo) for the remaining 53.5% of the issued and outstanding shares of Tocardo.
Tribute will continue to hold its stake in Tocardo.
The Canadian company said it is currently evaluating its options with respect to the Nova Scotian tidal projects. It remains possible that Tocardo will be chosen as the turbine supplier for the Minas Tidal Project, Tribute said.