Private Equity Firm Executes Term Sheet to Commit for $6M Financing
18 Marzo 2010 - 7:00AM
Marketwired
ParaFin Corporation (PINKSHEETS: PFNO) --
The Directors of Parafin Corporation hereby
announce that Parafin Corporation and a Private Equity Firm have
both signed a Term Sheet whereby the Private Equity Firm, based out
of Wilmington, DE, will commit to purchase up to $6M USD of shares
of common stock of Parafin. The investor is a private equity firm
that invests capital into companies in the emerging markets. They
have invested in over 100 public and private companies in various
sectors including oil and gas, communication, arts and
entertainment, services and medical sectors.
Sid Fowlds, the CEO of Parafin, stated, "Once the final
Agreements have been executed, Parafin plans to immediately begin
the 3-D re-processing of all existing seismic data. Having this
capital moves Parafin closer to our goal of drilling our first well
by the end of summer this year. The remainder of proceeds will be
used to meet working capital needs as the company prepares to
drill."
ON BEHALF OF THE BOARD OF DIRECTORS
Disclaimer Certain statements in this news
release may contain forward-looking information within the meaning
of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under
the Securities Exchange Act of 1934, and are subject to the safe
harbor created by those rules. All statements, other than
statements of fact, included in this release, including, without
limitation, statements regarding potential future plans and
objectives of the company, are forward-looking statements that
involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements. Technical complications that may arise could
prevent the prompt implementation of any strategically significant
plan(s) outlined above. The company cautions that these forward
looking statements are further qualified by other factors
including, but not limited to those, set forth in the company's
Form 10-KSB filing and other filings with the United States
Securities and Exchange Commission (available at
http://www.sec.gov/). The company undertakes no obligation to
publicly update or revise any statements in this release, whether
as a result of new information, future events or otherwise.
To be included in our company mail list for real-time news and
updates, please e-Mail: ceo@parafincorp.com
Contact: ParaFin Corporation ceo@parafincorp.com
www.parafincorp.com tel: 213.985.3136
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