Paragon Entertainment is completing due diligence on a letter of intent offer from India-based Rubicon Films for its u.k. feature subsidiary HandMade Films.

‘The deal is scheduled to close at the end of May, at least in principle,’ says interim ceo Richard Borchiver. ‘But it’s tough to predict how or whether that deal will close, so that’s why we’re not promoting it.’

Paragon stock has been trading on the tse in very high volumes at between $0.05 and $0.10 per share.

In other Paragon news, Laura Polley, former vp of Paragon, has launched a new film financing service. Independent Film Financing specializes in production financing services, including interim production and deficit financing; Canadian-content structuring and financing; and coproduction deals involving cavco, ofttc, production service tax credits, provincial tax credits, Telefilm Canada and treaty coproductions.

iff currently has a number of active projects including productions with ytv and Imax.