RE:RE:RE:WARRANTSYour analysis is flawed. The people who are winners are those who subscribed to the offering, both in Germany and in Canada. The underwriters were given an option to purchase just over 8,000,000 units, which they exercised in full. Trillion needed to raise money to drill. So they made a public offering. On June 30, the closing date, shares of Trillion traded in a range of .24 to .26 cents. The company offer was for 72,536,900 units, which consisted of 1 common share and 1/2 a share purchase warrant. Each full warrant (1 halfs) entitles the holder to purchase 1 common share for .50 cents until June 30 2025. So the company immediately received $22,486,439 cash. In addition, when and if the warrants are exercised, they stand to receive another $18,134,225 cash,. So a total of about $40,510,000 with which to drill for oil in the Black Sea.
Yes, they diluted the shares by about 110,000,000 shares, but with their likely successful results, who knows where the ceiling for these shares are. Depends on the gas volume from the 17 wells to be drilled over the next year and 1/2 and the price of natural gas in this time frame.
The alternative at the time would have been to issue 100,000,000 shares at .25 for $25,000,000 less fees. This would not be enough to do the drilling they have planned, so a further offering would no doubt be required.