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CRNSF > SEC Filings for CRNSF > Form 8-K on 15-Oct-2013All Recent SEC Filings

Show all filings for CORONUS SOLAR INC.

Form 8-K for CORONUS SOLAR INC.


15-Oct-2013

Entry into a Material Definitive Agreement, Termination of a Material Definiti


ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

As reported in our Form 8-K filed with the SEC on March 18, 2011, on January 24, 2011, our previously-owned, wholly-owned subsidiary, Coronus Energy Corp. ("Coronus"), entered into a Vacant Land Purchase Agreement (the "Newberry Springs Agreement") to acquire a 20 acre parcel of vacant land, situated in Newberry Springs, in the County of San Bernardino, California (the "Newberry Springs Parcel"). The purchase price was $45,000. Coronus paid $8,000 and the vendor agreed to carry back the balance amount of $37,000 for two years at 6.5% per annum interest, with monthly payments of interest only (the "Note"). The transaction closed on March 17, 2011. As reported in our Form 8-K filed with the SEC on May 20, 2013, on May 9, 2013, the parties agreed on a one-year extension to the Note. All other terms of the Note remained the same. We disclose today, that on September 13, 2013, Coronus transferred ownership of the Newberry Springs Parcel to us, to settle $8,000 in debt owing to us by Coronus. As part of the transaction, we assumed the obligations under the Note.

As reported in our Form 8-K filed with the SEC on May 16, 2011, on January 23, 2011, Coronus entered into a Vacant Land Purchase Agreement (the "29-Palms North Agreement") to acquire a 39.25 acre parcel of vacant land, situated north of 29-Palms, in the County of San Bernardino, California (the "29-Palms Parcel"). The purchase price was $40,000. Coronus paid $8,000 and the vendor agreed to carry back the balance amount of $32,000 for two years at 6.5% per annum interest, with monthly payments of interest only. The transaction closed on May 16, 2011. As reported in our Form 8-K filed with the SEC on May 20, 2013, on May 17, 2013, Coronus paid the balance amount of $32,000, retiring the vendor's note. Accordingly, Coronus then owned the parcel unencumbered. We disclose today, that on September 13, 2013, Coronus transferred ownership of the 29-Palms Parcel to us, to settle $40,000 in debt owing to us by Coronus.



ITEM 1.02 TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT.

As disclosed above under Item 1.01, on September 13, 2013, Coronus transferred ownership of the Newberry Springs Parcel and ownership of the 29-Palms Parcel to us.



ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION.

As disclosed above under Item 1.01, on September 13, 2013, Coronus transferred ownership of the Newberry Springs Parcel to us. As part of the transaction, we assumed the obligations under the Note.



ITEM 7.01 REGULATION FD DISCLOSURE.

As disclosed above under Item 1.01, we announced today on September 13, 2013, Coronus transferred ownership of the Newberry Springs Parcel and ownership of the 29-Palms Parcel to us.



ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

Exhibits Document Description

99.1 Press release.

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