Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF) told investors it plans to raise gross proceeds of up to $10 million through a best efforts marketed public offering of common shares.
The company said it intends to provide a president's list of purchasers for up to $3 million in connection with the offering, which will be conducted by Echelon Wealth Partners Inc as the lead agent and sole bookrunner. It has granted Echelon an option to purchase up to an additional 15% of the shares sold under the offering, at the issue price.
Trillion said the offering will be completed by way of a short form prospectus to be filed with the securities commissions or similar regulatory authorities in each of the provinces of Canada, other than Quebec, and on a private placement basis in the United States.
It intends to use the net proceeds from the offering to fund its 2023-2024 capital program, the payment of certain accounts payable related to the drilling at its South Akcakoca Sub-Basin (SASB) gas field in the Black Sea, and for general working capital purposes.
The company said it expects the offering to close on or about November 24, 2023, and the ultimate size and price will be determined in the context of the market.
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