As off June 30, 2017, Nacel was owed approximately $364,000 from Canna.
In January 2011, Nacel Energy Corporation (“Nacel”) acquired a total of 10,500,000 shares of Canna’s common stock, which then represented approximately 30% of our outstanding common stock.
Since becoming a shareholder, Nacel has advanced to Canna, from time to time, an aggregate amount of approximately $475,000 in general operating capital, with such advances being used for the development of Canna’s then pipeline of wind power projects and to assist Canna in developing and obtaining financing for its 200 MW Gascoyne II wind power generation project located on 1733 acres between the towns of Bowman and Hettinger, North
Dakota. Included were funds advanced directly to Midwest Independent System Operator (MISO) to complete a Feasibility Study required to connect the Gascoyne II wind power project to the electric grid. However, since it was not able to finance the Gascoyne II project, Canna ceased and terminated any further efforts in January, 2012 related to the development of the
Gascoyne II wind project. Thereafter, Canna requested the return of deposits with MISO (Midwest Independent System Operator). As a result of the return of MISO deposits, Canna made various payments to Nacel to repay and reduce
he aggregate advances made by Nacel. As of June 30, 2017, Nacel was owed approximately $364,000 from Canna.
As of June 30, 2017 or earlier, all of our option agreements with landowners applicable to properties on which wind energy projects were to be constructed and operated had expired or had been terminated.
