Note below, statement made from company's last release that this financing, once closed the funds will has been spent and expensed out immediately..within days of the closing, it will literally have nothing left after those expensed are paid out...Take particular note of the last item of $450K to a so-called settling "Certain debts of company"...I suspect this MAY be a so-called debt to a related party of the company. Just my opinion!!!..So you can see, this raise with this highly dilutive result is a Negative Factor and you have to question..WHY CEO has proceeded with this..when in fact the company requires much much more that this measely $1.8mm...What does CEO do next week with his other on-going expenses required to resolve this water issues and costs that are needs to continue the operations..This can only say that this CEO is out to lunch and definately can not be trusted..These water issues has stated previously by CEO, said the work program on SASB would begin in Mid June and extend to all of JULY...So with having no cash left and the large debt to service , along with the expenses that they will definately occur..HOW DOES THIS COMPANY GET TO THE END OF JULY...Thats what everyone must consider as well with this financing...To Late, and definately not ENOUGH for operations to continue, in my opinion..Thats Scary for all retail investors..Think about...
"Trillion intends to use the gross proceeds raised from the offering in the following order: to pay the costs and cash commissions of the offering of up to $100,000, to pay semi-annual interest on outstanding debentures for $900,000, to pay for investor awareness programs for approximately $250,000 and the rest for working capital, except settling certain debts of the company for approximately $450,000.
Completion of the offering is subject to regulatory approval, including, but not limited to, the approval of the Canadian Securities Exchange. The securities issued will be subject to a four-month hold period from the date of the closing of the offering."
Closing is expected to occur on or about May 29, 2024, or such other dates as the company may determine, and may be followed by additional closings until the offering is fully subscribed.