Trillion Energy International Inc has closed a previously announced $15 million offering, the company said.
The offering consisted of convertible debenture units, each containing a convertible debenture worth $1,000 and 1,667 common share purchase warrants.
The debentures have a maturity date of April 30, 2025, and bear interest at a rate of 12% annually, the company said. They are also convertible into common shares at a price of $0.60 each.
The warrants are exercisable into common shares until June 29, 2025, at a price of $0.50 per share.
Trillion plans to use the net proceeds to fund working capital and capital expenditures related to the development of assets in Turkey, as well as for general corporate purposes.
Trillion Energy is focused on natural gas production for Europe and Turkey, with natural gas assets in Turkey and Bulgaria. The company is 49% owner of the SASB natural gas field, one of the Black Sea's first and largest-scale natural gas development projects; a 19.6% (except three wells with 9.8%) interest in the Cendere oil field; and, in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property.
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