6% notes due earlier of July 1, 2013, 31 days after $4 million drawn
By Toni Weeks
San Diego, Jan. 7 - Coronus Solar Inc. and its wholly owned subsidiaries conducted a $4 million non-brokered private placement of senior secured promissory notes with investor Clean Focus Financing Co., LP.
The note bears interest at 6% a year and is due on the earlier of July 1, 2013 and 31 days after the total advances equal $4 million.
The company may draw advances on a specific schedule and drew $1.5 million on Dec. 26 and another $500,000 on Jan. 4. The company may also draw $1 million on each of Jan. 31 and Feb. 28. Coronus will pay a fee for each draw equal to 2% of the advance.
Earthlight Solar Inc. was the agent.
Vancouver, B.C.-based Coronus Solar, formerly Insightfulmind Learning, Inc., is a development-stage company that intends to deploy and operate utility-scale solar photovoltaic power systems in California.
Issuer: | Coronus Solar Inc.
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Issue: | Senior secured promissory notes
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Amount: | $4 million
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Maturity: | Earlier of July 1, 2013 and 31 days after the total advances equal $4 million
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Coupon: | 6%
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Warrants: | No
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Agent: | Earthlight Solar Inc.
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Investor: | Clean Focus Financing Co., LP
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Settlement date: | Dec. 20
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Stock symbol: | OTCBB: CRNSF
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Stock price: | $1.00 at close May 23, 2011 (last trade)
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Market capitalization: | $27.1 million
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