Trillion Energy International Inc said it will hold a special shareholder’s meeting on December 17, 2021, to vote on the company’s previously announced merger and continuation to redomicile from Delaware to a British Columbia corporation.
The company said the redomicile is intended to better align Trillion's corporate structure with its current and future business activities and plans to fund the development of its SASB Gas field off the shores of Turkey.
“The closing of the redomicile represents the final step in securing a financing for the SASB Gas field, as well as reducing regulatory burden,” said Trillion Energy CEO Arthur Halleran said in a statement.
READ: Trillion Energy sees its six-month revenue climb 53% to nearly US$2M on higher oil and gas prices
“We encourage shareholders to vote in support of the move,” Halleran added.
As well, Trillion Energy noted the move to incorporate in Canada is expected to reduce its regulatory compliance costs and enhance its ability to access the capital markets and increase its number of potential investors.
Trillion also said it expects to announce a brokered financing upon the conclusion of the shareholder meeting.
The company's headquarters will be moved to Vancouver, British Columbia and its operational headquarters will remain in Turkey. It plans to conduct corporate activities from both locations. Trillion said it does not anticipate any impacts for employees or day-to-day operations, because of the redomicile.
Trillion added it will continue to maintain its stock listing on the OTCQB under the symbol TCFF and anticipates a seamless continuation of its stock trading in both US and Canadian marketplaces. Shareholders of the redomiciled entity will continue to own shares in the company and will not be required to take any steps to maintain their ownership positions.
Trillion Energy is an oil and gas producing company with multiple assets throughout Turkey and Bulgaria. The company is 49% owner of the SASB natural gas field, one of the Black Sea’s first and largest-scale natural gas development projects; a 19.6% (except three wells with 9.8%) interest in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property.
Contact Sean at sean@proactiveinvestors.com