Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF, FRA:Z620) will change its name to Dune Oil Corp, the company said, as it shifts its strategic focus toward oil development and exploration.
The name change takes effect August 4, when the company's shares will begin trading under the new ticker "DUNE" on the Canadian Securities Exchange.
The company also said it has closed another tranche of its previously announced non-brokered private placement, issuing 1.03 million units at C$0.15 per unit for gross proceeds of C$154,500. It also settled C$168,000 in outstanding debt with arm's length parties through the issuance of nearly 1.1 million units.
Each unit consists of one common share and one-half of one share purchase warrant, with each whole warrant exercisable at C$0.25 per share for one year from issuance.
Trillion said proceeds from the offering will go toward contractual work program obligations on the M47 Concession, where it has paid a total of US$800,000 toward work commitments, as well as audit and general corporate purposes, investor relations activities, offering expenses and general working capital.
Trillion is a Canadian oil exploration company focused on Türkiye. It has an agreement to earn up to a 29% working interest in the M47 oil exploration block, comprising the C3 and C4 licences, located in the Cudi-Gabar petroleum province of southeastern Türkiye.