Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF) announced that it intends to proceed with a consolidation of its outstanding common shares on the basis of five pre-consolidation shares for one post-consolidation common share, which would result in company having about 77,935,465 post-consolidation common shares issued and outstanding.
The natural gas-focused producer said it expects its post-consolidation common shares to begin trading on the Canadian Securities Exchanges (CSE) at the open of trading on September 18, 2023.
"It is our firm view that achieving a higher stock price through a share consolidation will help us expand out institutional investor base," Trillion Energy International CEO Arthur Halleran said in a statement.
"Subsequent to the rollback, we will be road showing the company to institutions in both Canada and Europe," he added.
As well, the company reported that it has received conditional approval to list its shares on the TSX Venture Exchange (TSXV), although a listing date has not been set.
Trillion said it believes that listing on the TSXV will give the company exposure to a larger audience of retail and institutional investors and expects its stock to continue trading under the ticker symbol 'TCF'.
Trillion Energy International is focused on natural gas production for Europe and Türkiye with natural gas assets in Türkiye 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 three oil exploration blocks located in Türkiye’s Cudi-Gabar Oil Petroleum Province.
Contact Sean at sean@proactiveinvestors.com