Trillion Energy International Inc. (CSE:TCF, OTCQB:TCFF) has announced that its proposed merger and continuation to redomicile from Delaware to a British Columbia corporation has been completed and is now effective.
The company said the move is fundamental to reduce costs and regulatory filings and is pivotal to securing a brokered financing with a Canadian investment bank to fund the development of its SASB Gas field.
The redomicile to Canada will also streamline the activities required to drill and produce the SASB gas field, it added.
“We are pleased to have completed the move and now plan to expeditiously complete our financing and secure our drilling rig contract,” said Trillion CEO Arthur Halleran in a statement. “Current natural pricing is at historic highs in the region which bodes well for our SASB natural gas drilling program we expect to commence later this year.”
READ: Trillion Energy International says ‘trifecta of circumstances’ driving natural prices sharply higher
The company said the process to redomicile has been finalized via completion of a merger plan from Delaware into its British Columbia subsidiary (the Continuance), and concurrently completing an amalgamation with that subsidiary under the laws of British Columbia (Amalgamation) and together with the Continuance, the (Repatriation Transaction).
Trillion noted that the Repatriation Transaction did not result in any changes to the board, management, day-to-day business operations, or its strategy.
Among other advantages, management expects a reduction in the company’s regulatory compliance costs, an enhanced ability to access the capital markets, and an increase in the number of potential investors. Also, completion of the Repatriation Transactions will reduce or eliminate certain US resale restrictions on common shares previously issued by the company in private placement transactions.
Under the Repatriation Transaction, shareholders will receive or shall be entitled to receive, for every one share of common stock of Trillion Energy International Inc. (CSE:TCF, OTCQB:TCFF) (Delaware) (Trillion Share), one common share of the now British Columbia incorporated Trillion Energy Inc. (a Trillion BC Share).
Trillion said expects no change to its ticker symbols.
Trillion 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.
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