New York, Aug. 2 - ParaFin Corp. said it raised a total of $2.55 million in two private placements of units.
On June 1, the Reno, Nev.-based company sold 60 million units at $0.03 each for a total of $1.8 million, according to an 8-K filing with the Securities and Exchange Commission.
Each unit is made up of a share of common stock, a three-year A warrant exercisable at $0.04 and a three-year B warrant exercisable at $0.05.
At the time of the sale, the company's stock was trading at $0.03.
Subsequently, ParaFin carried out a one-for-three reverse stock split.
In July, the company sold a further 37.5 million units at $0.02 each for a total of $750,000.
Each unit is made up of a share of common stock, a three-year A warrant exercisable at $0.03 and a three-year B warrant exercisable at $0.04 if the A warrant is exercised.
ParaFin's stock was trading at $0.02 at the time of the sale.
Rukos Security Advice AG of Frankfurt, Germany, was placement agent for both Regulation S offerings.
ParaFin is an oil and gas exploration company, hydrocarbon trader and owner of rights to an ergonomic computer work station.
| Issuer: | ParaFin Corp.
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| Issue: | Units of stock and warrants
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| Stock symbol: | OTCBB: PFNO
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| June 1 sale
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| Amount: | $1.8 million
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| Units: | 60 million
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| Price: | $0.03
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| Warrants: | One A warrant, one B warrant per unit
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| Warrant strike price: | $0.04 for A warrants, $0.05 for B warrants
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| Warrant term: | 3 years
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| Stock price: | $0.03
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| July sale
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| Amount: | $0.75 million
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| Units: | 37.5 million
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| Price: | $0.02
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| Warrants: | One A warrant, one B warrant per unit
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| Warrant strike price: | $0.03 for A warrants, $0.04 for B warrants
|
| Warrant term: | 3 years
|
| Stock price: | $0.02
|
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