UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
_________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
December 31, 2013 (December 4, 2013)
CORONUS SOLAR INC.
(Exact name
of registrant as specified in its charter)
British Columbia, Canada
(State or other
jurisdiction of incorporation)
000-53697
(Commission File No.)
98-1090431
(I.R.S. Employer Identification
No.)
1100-1200 West 73rd Avenue
Vancouver, British
Columbia
Canada V6P 6G5
(Address of principal executive
offices and Zip Code)
604-267-7078
(Registrants telephone number,
including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))
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 7.01 | REGULATION FD DISCLOSURE. |
As disclosed above under Item 1.02, we announced today the termination of the 29-Palms Morongo Agreement.
ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS. |
Exhibits | Document Description |
99.1 | Press release. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated this 31st day of December, 2013.
CORONUS SOLAR INC. | ||
BY: | JEFFERSON THACHUK | |
Jefferson Thachuk | ||
President, Principal Executive Officer, Principal | ||
Accounting Officer, Principal Financial Officer, | ||
Secretary, Treasurer and a member of the Board of Directors |
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CORONUS SOLAR INC.
Suite 1100 - 1200 West 73rd Avenue | Telephone 604-267-7078 |
Vancouver, B.C. V6P 6G5 | Facsimile 604-267-7080 |
Canada | www.coronusenergy.com |
OTCBB - CRNSF
NEWS RELEASE
For Immediate Release
TERMINATION OF VACANT LAND PURCHASE AGREEMENT
Vancouver, B.C. December 31, 2013 Jeff Thachuk, President of Coronus Solar Inc. (the Company) announced today that, effective December 4, 2013, the Vacant Land Purchase Agreement (the 29-Palms Morongo Agreement), entered into by the Companys wholly-owned subsidiary, Coronus 29-Palms Morongo LLC, as reported in the Companys News Releases of October 29, 2012, and January 7, February 13, April 15, and May 6, 2013, has been terminated. As the Company 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 USD $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. The Company 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 USD $7.538 million, making the project non-viable.
On behalf of the Board of Directors,
Coronus Solar Inc.
Jeff Thachuk
Jeff Thachuk
President
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Forward Looking Statements: Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements. Forward-looking statements may be identified by words including anticipates, believes, intends, estimates, expects and similar expressions. The company cautions readers that forward-looking statements, including without limitation those relating to the company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
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