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CRNSF > SEC Filings for CRNSF > Form 8-K on 5-Nov-2013All Recent SEC Filings

Show all filings for CORONUS SOLAR INC.

Form 8-K for CORONUS SOLAR INC.


5-Nov-2013

Entry into a Material Definitive Agreement, Creation of a Direct Financial Obl


ITEM 1.01 ENTRY INTO MATERIAL DEFINITIVE AGREEMENTS.

As reported in our Form 8-K filed with the SEC on September 30, 2013, effective September 1, 2013, we engaged Earthlight Solar Inc. ("Earthlight") as a consultant (the "Earthlight Engagement"), with Earthlight providing us with advisory and consulting services (the "Earthlight Services") in respect of our solar photovoltaic ("PV") business. Under the Earthlight Engagement, we were to pay Earthlight CAD$10,000 per month for the Earthlight Services. Mark Burgert, a control person of us, is the president and a control person of Earthlight. We report today, effective November 4, 2013, we amended the Earthlight Engagement (the "Amended Earthlight Engagement"). Under the Amended Earthlight Engagement, we are to pay Earthlight CAD $10,000 per month for the Earthlight Services, and will do so up to November 30, 2013. Additionally, effective December 1, 2013, we are to pay Earthlight 10% of the cash value received on the Redwood Debenture, in return for Earthlight performing those certain development services in respect of the twelve anticipated, utility-scale, solar PV projects under the Share Purchase and Development Services Agreement, the closing of which we reported in our Form 8-K filed with the SEC on September 30, 2013.

As reported in our Form 8-K filed with the SEC on September 30, 2013, effective September 1, 2013, we engaged RenewTrek Solar Inc. ("RenewTrek") as a consultant (the "RenewTrek Engagement"), with RenewTrek providing us with advisory and consulting services (the "RenewTrek Services") in respect of our solar PV business. Under the RenewTrek Engagement, we were to pay RenewTrek CAD$10,000 per month for the RenewTrek Services. Jeff Thachuk, our president, principal executive officer, secretary, treasurer, principal financial officer, principal accounting officer, and a member of our board of directors, is the president and a control person of RenewTrek. We report today, effective November 4, 2013, we amended the RenewTrek Engagement (the "Amended RenewTrek Engagement"). Under the Amended RenewTrek Engagement, we are to pay RenewTrek CAD $10,000 per month for the RenewTrek Services, and will do so up to November 30, 2013. Additionally, effective December 1, 2013, we are to pay RenewTrek 10% of the cash value received on the Redwood Debenture, in return for RenewTrek performing those certain development services in respect of the twelve anticipated, utility-scale, solar PV projects under the Share Purchase and Development Services Agreement, the closing of which we reported in our Form 8-K filed with the SEC on September 30, 2013. As a director of our company, Mr. Thachuk declared his interest in the transaction and abstained from voting on the approval of the Amended RenewTrek Engagement.



ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION.

As disclosed above under Item 1.01, effective September 1, 2013, under the Amended Earthlight Engagement, we are to pay Earthlight CAD $10,000 per month for the Earthlight Services, and will do so up to November 30, 2013. Additionally, effective December 1, 2013, we are to pay Earthlight 10% of the cash value received on the Redwood Debenture, in return for Earthlight performing those certain development services in respect of the twelve anticipated, utility-scale, solar PV projects under the Share Purchase and Development Services Agreement.

As disclosed above under Item 1.01, effective September 1, 2013, under the Amended RenewTrek Engagement, we are to pay RenewTrek CAD $10,000 per month for the RenewTrek Services, and will do so up to November 30, 2013. Additionally, effective December 1, 2013, we are to pay RenewTrek 10% of the cash value received on the Redwood Debenture, in return for RenewTrek performing those certain development services in respect of the twelve anticipated, utility-scale, solar PV projects under the Share Purchase and Development Services Agreement.

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ITEM 7.01 REGULATION FD DISCLOSURE.

As disclosed above under Item 1.01, we announced today our entry into the Amended Earthlight Engagement and our entry into the Amended RenewTrek Engagement, inclusive of the financial obligations in relation thereto.



ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

Exhibits Document Description

10.1 Amended Consulting Services Agreement - EarthLight.
10.2 Amended Consulting Services Agreement - RenewTrek.
99.1 Press release.

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