TRILLION ENERGY ANNOUNCES DEBT SETTLEMENT
February 2, 2024 – Vancouver, B.C. – Trillion Energy International Inc. (“Trillion”, or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62), an oil and natural gas producer in Turkey, announces that it has issued 3,180,000 common shares (each, a "Share") of the Company at a deemed price of $0.20 per Share in settlement of a bona fide debt of $636,000 owed by the Company to its Chief Executive Officer, Arthur Halleran for $546,000, and two directors of the Company for the balance, namely David Thompson and Sean Stofer (the "Debt Settlement"). The Shares are subject to a statutory hold period expiring four months and one day after closing of the Debt Settlement.
The Debt Settlement with 2476393 Alberta Ltd., a company wholly owned by Arthur Halleran, Chief Executive Officer and a director of the Company, David Thompson and Sean Stofer, directors of the Company (the "Insider Settlement"), is considered a “related-party transaction” within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the related party participation in the Debt Settlement based on that the fair market value of such insider participation does not exceed 25% of the Company's market capitalization.
Mr. Halleran, CEO stated:
“When the stock was at $.05 a share in 2020 I converted most of my salary into shares, seeing the bright future for the Company at that time. Today, I am converting all of my past compensation owed to me into shares, seeing the same value opportunity again. I’m all in on Trillion Energy for the long term.”
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