Tuesday, November 28, 2023 2:48:46 PM
November 28, 2023 – Vancouver, B.C. – Trillion Energy International Inc. (“Trillion”, or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to announce that, further to the Company's press releases dated November 9, 2023 and November 10, 2023, it has closed its previously announced best efforts marketed public offering of common shares (the "Offering"). Pursuant to the Offering, the Company issued and sold a total of 36,057,934 common shares ("Common Shares") at a price of $0.30 per Common Share for gross proceeds of approximately $10,817,380, including the partial exercise of the over-allotment option. The Offering was conducted pursuant to an agency agreement with Echelon Wealth Partners Inc. (the "Agent") as sole agent and bookrunner.
The net proceeds from the Offering will be used to fund a portion of the Company’s 2023-2024 capital programs, the payment of certain accounts payable related to the drilling at SASB, repayment of loans, and for general working capital purposes.
The Company filed a final short form prospectus (the "Prospectus") in all provinces of Canada, except Québec, pursuant to National Instrument 44-101 – Short Form Prospectus Distributions to qualify for distribution the Common Shares offered pursuant to the Offering. Copies of the Prospectus and documents incorporated by reference therein are available electronically on SEDAR+ (www.sedarplus.ca).
Certain insiders of the Company participated in the Offering and subscribed for an aggregate of 548,333 shares for gross proceeds of $164,499.90 (the “Insider Subscriptions”). The Insider Subscriptions constitute “related party transactions” within the meaning of Multilateral Instrument 61-101 –Protection of Minority Securityholders in Special Transactions (“MI 61-101”). The Company is relying on the exemption from valuation requirement and minority approval pursuant to subsection 5.5(a) and 5.7(a) of MI 61-101, respectively, for the insider participation in the Offering, as the securities do not represent more than 25% of the Company’s market capitalization, as determined in accordance with MI 61-101. The Corporation did not file a material change report more than 21 days before the closing of the Offering as required by MI 61-101 as the details of the participation by the insiders in the Offering were settled only recently.
Art Halleran CEO stated:
“We are pleased to have successfully closed our financing and would like to express our appreciation to the markets and our supportive shareholders. Our focus now will be on producing positive results in our production focused operations over the short term to create long-term value for shareholders.”
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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