Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF) said that it has closed the third tranche and fourth tranches of its previously announced, upsized non-brokered private placement.
Combined with the closing of the first two tranches, the company said is has issued an aggregate of 23,169,852 units at $0.09 and raised proceeds of about $2,085,000.
Each unit is comprised of one share of the company and one share purchase warrant exercisable at $0.18 per share for two years from issuance.
The warrants include an acceleration provision which stipulates that if its shares trade at a price equal to or greater than $0.35 for seven consecutive trading days, Trillion may accelerate the expiry of the warrants.
It may pay a cash finder’s fee to qualified non-related parties of up to 7% of the gross proceeds of the offering and issue broker warrants up to 7% of the number of units sold entitling the holder to one share exercisable at $0.09 for two years from the date of issuance.
The company said that the final closing of the private placement is expected to occur at the end of the week.
Trillion Energy is focused on oil and natural gas production for Europe and Türkiye with natural gas assets in Türkiye.