- Trillion Energy (TCF) has closed its previously announced offering for principal amount of $15,000,000 of convertible debenture units
- Trillion intends to use the net proceeds to fund working capital and capital expenditures related to the development of the company’s assets in Turkey and for general corporate purposes
- Trillion is an oil and gas producing company, with multiple assets throughout Turkey and Bulgaria
- Trillion Energy International Inc. (TCF) is down 1.33 per cent, trading at C$0.37 per share at 10:12 am ET
Trillion Energy (TCF) has closed its previously announced offering for principal amount of $15,000,000 of convertible debenture units.
Each Unit consisted of 1 convertible debenture in the principal amount of $1,000 and 1,667 common share purchase warrants.
A syndicate led by Eight Capital and including Echelon Wealth Partners Inc., Canaccord Genuity Corp. and Haywood Securities Inc. acted as underwriters for the offering.
Financing Details
The debentures have a maturity date of April 30, 2025 and bear interest at 12.0 per cent per annum. The debentures are convertible into common shares at $0.60 per debenture share. Each warrant is exercisable into one common share until June 29, 2025, at $0.50 per warrant share.
The units (and the underlying securities) were offered for sale in Canada on a private placement basis. The units and underlying securities (including the warrants) are subject to statutory hold period of four months.
Trillion intends to use the net proceeds to fund working capital and capital expenditures related to the development of the company’s assets in Turkey and for general corporate purposes.
In connection with the offering, the company paid 6 per cent cash commission and issued 1,500,000 broker warrants. Each broker warrant is exercisable into one common share at $0.50 for 24 months following closing.
About the company
Trillion is an oil and gas producing company with multiple assets throughout Turkey and Bulgaria.
The company is 49 per cent owner of the SASB natural gas field. It is one of the Black Sea’s first and largest-scale natural gas development projects. It also has a 19.6 per cent (except three wells with 9.8 per cent) interest in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property.
Trillion Energy International Inc. (TCF) is down 1.33 per cent, trading at C$0.37 per share at 10:12 am ET.