Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF) is upsizing its non-brokered private placement from 20 million to 30 million units, now aiming to raise up to $2.7 million.
Each unit, priced at $0.09, includes one common share and one share purchase warrant exercisable at $0.18 for two years.
The company closed its first tranche on May 28, raising $1.19 million through the issuance of over 13.2 million units.
The second tranche closed on May 31, adding $552,800 from over 6.1 million units.
Gross proceeds from the offering will be allocated as follows: up to $100,000 to cover the costs and cash commissions of the offering, $900,000 for semi-annual interest payments on outstanding debentures, approximately $250,000 for investor awareness programs, and the remainder to working capital, including settling certain company debts amounting to approximately $450,000.
Both tranches included finders' fees and broker warrants.