Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF) announced the closing of the remaining tranches of its non-brokered private placement, raising over $2.4 million.
The offering involved issuing nearly 27.2 million units at $0.09 per unit for gross proceeds of $2,447,807.67.
Each unit comprised one common share and one share purchase warrant exercisable at $0.18 per share for two years.
Additionally, Trillion settled debt worth $687,733.32 by issuing 6,594,590 units and 1,009,388 shares.
An acceleration provision allows the company to expedite warrant expiry if shares trade at or above $0.35 for seven consecutive days.
The final tranches closed on June 28, July 3, and July 5, 2024.
Proceeds from the offering will cover offering costs, debenture interest, investor awareness programs, and working capital.