Vancouver, BC, March 29, 2022 (GLOBE NEWSWIRE) — Trillion Energy International Inc. (“Trillion” or the “Company”) TCF (Frankfurt: Z62) is pleased to announce that, further to the press releases dated March 14 and 16, 2022, it has closed an oversubscribed private placement for total gross proceeds of approximately $17,913,000 (the “Private Placement“). The Private Placement was increased from $10,000,000 to $17,913,000 due to a high demand to participate in the offering.
In connection with the final tranches of the Private Placement, the Company issued an aggregate of approximately 62,198,000 units (the “Units“) at a price of $0.165 per Unit for aggregate gross proceeds of approximately $10,262,000. In the first tranche closed March 16, 2022, the Company issued an aggregate of 46,368,643 units for aggregate gross proceeds of $7,651,000. The Units are comprised of one (1) common share (“Common Share“) and one half (1/2) of one (1) common share purchase warrant (“Warrant“) of Trillion. Each whole Warrant entitles the holder thereof to purchase one Common Share for $0.45 expiring two (2) years from the date of issue. The Warrants include an acceleration provision whereby if the Company’s Common Shares trade at a price greater than $1.00 for a period of 20 trading days, Trillion may accelerate the expiry of the Warrants. Echelon Capital Markets acted as financial advisor with respect to Private Placement.
Dr. Art Halleran, CEO stated:
“With the recent influx of funding we will be able to convert our gas reserves into revenue. This Private Placement is a giant step towards realizing that outcome. The strong demand for the Company’s shares resulting in being oversubscribed by almost $8 million illustrates the value of the Company’s SASB asset in the current economic environment.“
In connection with the final tranches, the Company paid finders fees to eligible finders in the approximate amount of $622,000 and issued to the finder’s an aggregate of approximately 3,774,000…
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