The Warrants include an acceleration provision whereby if the Company's Common Shares trade at a price equal to or greater than
Trillion may pay a cash finder's fee to qualified non-related parties of up to 7% of the gross proceeds of the Offering and issue a number of broker warrants ("Broker Warrants") that is up to 7% of the number of Units sold pursuant to the Offering. Each Broker Warrant will entitle the holder to one (1) Common Share and is exercisable at a price of
The Company previously announced that the Units are being offered pursuant to available prospectus exemptions, including sales to accredited investors. The Company will also make the Offering available to existing shareholders of the Company pursuant to British Columbia Instrument 45-534 - Exemption from Prospectus Requirement for Certain Trades to Existing Security Holders and similar instruments, orders and rules in
Pursuant to the Existing Shareholder Exemption, the Offering will be further made available to existing shareholders of the Company who, as of the close of business on
First Tranche Closing
Trillion is pleased to announce the closing of the first tranche of the Offering. The Company issued an aggregate of 13,232,373 Units on
Each Unit consists of one common share (each, a "Share") and one transferrable common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of
In connection with the First Tranche closing, Trillion paid an aggregate of
The Shares, Warrants and Broker Warrants issued in connection with the First Tranche closing are subject to a hold period until
Second Tranche Closing
Trillion is also pleased to announce the closing of the second tranche of the Offering. The Company issued an aggregate of 6,142,223 Units on
Each Unit consists of one common share (each, a "Share") and one transferrable common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of
In connection with the Second Tranche closing, Trillion paid an aggregate of
The Shares, Warrants and Broker Warrants issued in connection with the Second Tranche closing are subject to a hold period until
Insiders of Trillion acquired an aggregate of 800,000 Units in the First Tranche of the Offering (the "Insider Participation"). The Insider Participation is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions ("MI 61-101") by virtue of the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 based on that the fair market value of such Insider Participation does not exceed 25% of Trillion's market capitalization.
The use of gross proceeds raised from the Offering will be used to pay the costs and cash commissions of the Offering of up to
Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the CSE. The securities issued will be subject to a four-month hold period from the date of the closing of the Offering.
Closing of the next tranche is expected to occur on or about
The securities referred to herein will not be or have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in
About the Company
Contact
Corporate Finance
1 403 701 3272
e-mail: info@trillionenergy.com;
Website: www.trillionenergy.com
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the closing of the Offering, the use of proceeds, and the Company's ability to obtain necessary approvals from the CSE. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Trillion does not undertake to update any forward- looking information except in accordance with applicable securities laws.
These statements are no guarantee of future performance and are subject to certain risks, uncertainties, delay, change of strategy, and assumptions that are difficult to predict and which may change over time. Accordingly, actual results and strategies could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. These factors include unforeseen securities regulatory challenges, oil and gas price fluctuations, operational and geological risks, changes in capital raising strategies, the ability of the Company to raise necessary funds for development; the outcome of commercial negotiations; changes in technical or operating conditions; the cost of extracting gas and oil may increase and be too costly so that it is uneconomic and not profitable to do so and other factors discussed from time to time in the Company’s filings onwww.sedarplus.ca, including the most recently filed Annual Report on Form 20-F and subsequent filings. For a full summary of our oil and gas reserves information for
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