ParaFin CORP

27 Feb 2008listing compliance notice▼ BadMajor

ParaFin CORP deregistered its securities, ending its obligation to file reports with the SEC.

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10 Jan 2008capital raising announcement▼ BadMajor

On January 2, 2008 ParaFin issued 300,000,000 shares to Rukos for $750,000 (under a December 14, 2007 subscription agreement), each unit also carrying an A warrant at $0.003 per share that on exercise gives a share plus a B warrant at $0.03. Shares outstanding rise from 136,280,671 to 436,280,671, more than tripling the count and sharply diluting existing holders; the proceeds go to working capital and may repay existing debt. This continues the pattern of Rukos funding the company through share sales.

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2 Aug 2007capital raising announcement▼ BadMajor

ParaFin reports a May 2, 2007 farmout with Meta Petroleum Ltd. for a Colombian oil concession of about 7,000 hectares, giving it a 50% interest once it drills four wells at its own cost; Meta Petroleum denied the agreement's validity shortly after signing, and ParaFin says it will try to enforce it. It also reports a one-for-three reverse split effective June 4, 2007, Rukos placements of $1,800,000 (June) and $750,000 (July), new consulting deals (Zuzanne Kanaty and Francisco Saez, 10,000,000 shares each, plus $5,000,000 in advisory fees to Kanaty), and 19,999,997 shares issued to restore earlier holdings; shares outstanding are 136,280,671 as of July 31, 2007. This is the company's first oil-concession deal since earlier plans (Paraguay, Russian crude, Thai diesel) and it is already disputed by the counterparty; the $5,000,000 fee is owed for securing the Meta interest.

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12 Mar 2007capital raising announcement▼ BadMajor

On March 7, 2007 ParaFin sold 12,000,000 units to Rukos for $600,000 ($0.05 each), each with one share and two three-year warrants at $0.06; shares outstanding are now 116,338,152. It also replaced auditor George Brenner (stated to have resigned for health reasons) with DeJoya Griffiths & Co.; the latest audit report carried a going-concern warning citing losses and an accumulated deficit.

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20 Sept 2006material agreement● NeutralMajor

On September 6, 2006 ParaFin signed an agreement with Wellslink Petroleum of Bangkok to deliver 100,000 metric tons of diesel in two 50,000-ton shipments at $420 per ton for the first six months, conditional on ParaFin obtaining an $840,000 performance bond and the buyer providing a $21,000,000 letter of credit per shipment; shipments were expected from late November 2006. A consultant, Sam Chanpradith, receives 10,000,000 shares plus 10,000,000 more per 200,000 metric tons delivered.

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19 July 2006capital raising announcement▼ BadMajor

ParaFin cancelled its May 8, 2006 oil purchase agreement with International Project Finance and Investment Corp. and replaced it with one with OY Coral Marine Management Ltd. of Finland: up to 536,000 Series A Preferred shares for the right to buy 536,000,000 barrels of Russian Export Blend crude, issued as delivery agreements are accepted. OY also gets warrants for 500,000,000 common shares at $0.25 for five years, which could heavily dilute common holders if exercised; the stock closed at $0.15 on July 6, 2006.

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28 Apr 2006asset acquisition disposition● NeutralMajor

The February PCE share arrangement was replaced: effective March 31, 2006, Rukos, which now holds all of PCE's assets, agreed to transfer them to ParaFin for $6,000,000 funded by the earlier private placement. Separately, ParaFin signed a one-year consulting deal with Francisco Saez to seek crude oil contracts in Russia, paid in 10,000,000 shares upfront plus 10,000,000 shares per 10,000,000 barrels delivered, up to 100,000,000 barrels.

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24 Feb 2006asset acquisition disposition● NeutralMajor

The company agreed with Rukos that Rukos would buy 51% to 100% of PC_E, Inc., a development-stage maker of a computer workspace design, and sell the shares to ParaFin at $0.40 each (up to $6,000,000), using the earlier $6,000,000 raise; Rukos held about 65.1% at filing. The attached press release says negotiations for a farmout with Black Gas Energy LLC ended without agreement. This is a move into a non-oil business.

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10 Feb 2006capital raising announcement● NeutralMajor

The company reported a ten-for-one reverse split on January 9, 2006 (58,370,290 shares down to 5,837,029), then issued 13,500,000 shares under stock plans, had Rukos exercise an option for 15,000,000 shares at $0.05 ($75,000), and sold Rukos 30,000,000 shares at $0.20 for $6,000,000. Shares outstanding total 59,637,029; the $6,000,000 is earmarked for a proposed acquisition or working capital.

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7 June 2005capital raising announcement● NeutralMajor

On June 2, 2005 the company sold 15,000,000 units to Rukos for $600,000 ($0.04 per unit), each unit being one share plus a warrant convertible into two shares at $0.05 for three years; proceeds go to repaying corporate debt and working capital. The filing also corrects president Sidney Fowlds' holding from 3,001,400 to 4,001,400 shares (including 1,000,000 held by his wife).

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18 Jan 2005capital raising announcement● NeutralMajor

Filed in January 2005, this reports several events: the company renamed itself ParaFin Corporation (October 7, 2004), and on December 6, 2004 signed a farmout with Guarani Exploration and Development to potentially acquire an 80% interest in an exploration license over the Alto Parana Block in Paraguay, which depends on the Paraguayan government approving Guarani's license application. If approved, ParaFin must deposit $150,000 and then $350,000, and fund a work program estimated at no more than $3,500,000; financing is not yet arranged. Rukos exercised its warrants for 25,000,000 shares at $0.03 ($750,000) on October 18, 2004, 15,000,000 options were issued and exercised for $127,500, and a consultant, Robert McGowan, is to receive 5,000,000 shares.

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26 Aug 2004capital raising announcement● NeutralMajor

On August 23, 2004 the company sold 25,000,000 restricted shares to Rukos Security Advice A.G. of Frankfurt, Germany for $500,000 ($0.02 per share), to be used for repaying corporate debt and general working capital. This adds new shares for existing holders to be diluted by.

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