PARAFIN CORPORATION Quick Quote: PFNC 0.27 (Even)
ParaFin Corporation signs purchase agreement with OY Coral Marine Management Ltd
7/24/2006
Jul 24, 2006 (M2 EQUITYBITES via COMTEX News Network) --
ParaFin Corporation (OTC BB:PFNC.OB) announced on 21 July that it has signed a purchase agreement with OY Coral Marine Management Ltd under which ParaFin will buy a 12.2m metric ton (88,864,800 Bbls) allotment of Russian Export Blend Crude Oil ("REBCO").
Frank Saez, asset and portfolio manager of ParaFin, has received several letters of intent and two signed corporate offers for the sale of 12.2m metric tons of REBCO.
ParaFin is considering dividing the current REBCO capacity among several buyers to increase its client base. The buyers will be required to secure the transaction with an Irrevocable Documentary-Letter-Credit for the cargo-by-cargo payment on Free-on-Board (FOB) basis, and also to place a 2% performance bond when arranging for transport vessels.
After the 12.2m metric tons of REBCO has been sold Parafin can retract and/or redeem preferred shares at the price the REBCO was sold less USD5 per barrel to be retained by the company.
ParaFin will pay some selling costs when the oil is sold.
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