ParaFin Issuance of Preferred Shares Paid for With Bearer Bonds
12 März 2010 - 1:30AM
Marketwired
ParaFin Corporation (PINKSHEETS: PFNO):
The Directors of ParaFin Corporation In
response to multiple inquiries from shareholders and potential
shareholders, ParaFin Corporation felt compelled to put out a
statement on the company's Bearer Bond holdings.
On January 27, 2010, ParaFin Corporation released an annual
report reflecting an asset of US$3.63 billion represented by 2,400
Bearer Bonds issued June 16, 2000 dated for redemption on June 16,
2010. The 2,400 Euro Bearer Bonds were issued by a major European
Bank, have a face value of 1,000,000 Euros each and have
accumulated interest at 5.5% from the issuance date.
Bearer Bonds of this denomination and amount are typically
reserved solely for and held only by banks and large financial
institutions. After the original issuance, these Bonds were
acquired by and delivered to a single individual. In an effort to
promptly liquidate the assets of this individual's estate, the
Trustee of the individual's estate negotiated the Agreement with
ParaFin.
To finance the Exploration and Exploitation of the 6.06 million
Acre Hydrocarbon Farm-out Agreement in the Republic of Paraguay,
ParaFin Corporation was in the process of selling an issue of
Preferred Shares. The Subscription Agreement negotiated by ParaFin
with the Trustee for the sale of the Preferred Shares allowed the
Trustee to pay ParaFin Corporation US$3.63 billion by the delivery
to ParaFin of 2,400 Bearer Bonds issued June 16, 2000 dated for
redemption on June 16, 2010. Under the Agreement, ParaFin is
entitled to 100% of the accumulated interest owed to date.
The Preferred shares issued by ParaFin have a legend printed on
the face of the Certificate stating they are "Redeemable,
Retractable on Demand Non-Voting Shares Issue Price US$1,000,000
per Share... secured only by funds from the sale or redemption of
the 2,400 5.5% Euro Bearer Bonds."
ParaFin retained expert Forensic Document Examiners and has done
substantial due diligence regarding the Bonds over the past two
years. ParaFin is now working with private consultants who are in
the process of setting meetings with the top executives at the
issuing Bank in order to negotiate the redemption of the bonds.
Legal opinions received by ParaFin confirmed that whoever is in
possession of the Bonds in hand has the right to redemption.
Contact: ParaFin Internet: www.parafincorp.com Telephone: (877)
613-3131 e-Mail: ceo@parafincorp.com
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