Trillion Energy Closes Upsized $22.5M Public Offering

Source: www.gulfoilandgas.com 6/30/2022, Location: North America

Trillion Energy International Inc. is pleased to announce the closing of its previously announced increased best efforts marketed public offering (the “Offering”) of units (the “Units”) of the Company at a price of $0.31 per Unit (the “Issue Price”), pursuant to which it issued 72,536,900 Units, including the sale of 8,020,900 Units to the Agents (as defined below) pursuant to the Over-Allotment Option (as defined below), for total gross proceeds of $22,486,439.

As previously announced, each Unit consists of one common share of the Company (each a “Common Share”) and one-half of one common share purchase warrant (each full warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share for an exercise price of $0.50 for period of 36 months following the closing date of the Offering.

The Offering was conducted by Echelon Capital Markets (“Echelon”) as lead agent and sole bookrunner, along with a syndicate of agents including Research Capital Corporation (and together with Echelon, the “Agents”).

The CSE has conditionally accepted the listing of the Warrants and the Warrants are expected to commence trading on the CSE under the symbol “TCF.WT” today.

The Company granted the Agents an option to purchase up to an additional 15% of the Units sold under the Offering (the “Over-Allotment Option”), at the Issue Price. The Over-Allotment Option was exercised to purchase 8,020,900 Units in connection with the closing of the Offering.

The Company intends to use the net proceeds of the Offering to fund the development of the SASB gas fields, and for working capital and general corporate purposes, as more particularly described in the short form prospectus of the Company dated June 24, 2022 prepared and filed in connection with the Offering.


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