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CRNSF > SEC Filings for CRNSF > Form 8-K on 31-Dec-2013All Recent SEC Filings

Show all filings for CORONUS SOLAR INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for CORONUS SOLAR INC.


31-Dec-2013

Termination of a Material Definitive Agreement, Financial Statements and Exhib


ITEM 1.02 TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT.

Effective December 4, 2013, the Vacant Land Purchase Agreement (the "29-Palms Morongo Agreement"), entered into by our wholly-owned subsidiary, Coronus 29-Palms Morongo LLC, as reported in our Form 8-K's filed with the SEC on October 29, 2012, and January 7, February 13, April 16, and May 6, 2013, has been terminated. As we reported, effective May 3, 2013, the parties agreed to an option arrangement where an option (the "Option") to purchase the 24.23 acre parcel of vacant land was adopted, with the following terms: 1) Coronus 29-Palms Morongo LLC pays monthly payments equal to 6% per annum of the purchase price, or $433.42 per month, 2) the monthly payments are applied to the purchase price, provided Coronus 29-Palms Morongo LLC exercises the Option, otherwise the payments are forfeited to the seller, 3) the term of the Option is 24 months, 4) failure to make the monthly payment terminates the Option, and 5) during the term of the Option, the seller provides the necessary consent for Coronus 29-Palms Morongo LLC to apply for a conditional use permit from the County of San Bernardino. We opted to not make the December 3, 2013, monthly payment, as a result of revised findings by Southern California Edison, in respect of their interconnection study results for the project. The revised findings reflected a cost estimate to interconnect the project of $7.538 million, making the project non-viable.



ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

Exhibits Document Description
99.1 Press release.

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