FACTS ARE!!!....While many have positive views with the success with resolving the water load problems and further regaining gas productions, potential exists that there may be further delays. This placement still has not closed , last new release indicated that the first and second tranches has been closed totalling
$1.8 mm, leaving the upsized final tranch of only $900K. Keep in mind , as per new release high-lited below , they indicated that most of the money already has been allocated to the following expenses..Totalling $1.7mm ......so the remaining balance of cash available is a measly $900K..which represents the same total of the final tranch not yet closed......
"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 $100,000, pay semi-annual interest on outstanding debentures for $900,000, pay for investor awareness programs for approximately $250,000 and the remainder to working capital, save and accept settling certain debts of the Company for approximately $450,000."
Therefore, seriously consider the continued lack of funds going forward that is desparately needed for the revitalization process of SASB in the near term, and the oil prospects on shore for that matter, especially if further delays occurs prior too any production revenues coming in. Trillion has a huge corporate debt of over $30mm, as per there quarterly statement filed, Slumberjay major drilling company aloned owned over $6mm, 2 vendors sueing company Trillion for unpaid invoices, others G&A monthly expenses required for day to day operations. So,not much money left from Financing to support near term operations..THATS A PROBLEM...in my view...This may not be a perfect story, even with some merits for production start and potential revenues coming in..Just My thoughts....