Trillion Energy (CSE: TCF) is the latest energy focused firm looking to raise capital in the current environment. The firm this morning announced that it intends to raise gross proceeds of up to $10.0 million.
Under the terms of the financing, the company intends to issue 60.6 million units at a price of $0.165 per each in a financing lead by Echelon Capital Markets. Each unit is to contain one common share and one half of a common share purchase warrant.
Warrants are valid for a period of two years from the date of issuance, and contain an exercise price of $0.45 per share. Warrants may also be accelerated if the firms equity trades above $1.00 for twenty trading days.
Proceeds from the offering are slated to be utilized for long lead well drilling consumables, as well as to cover the deposit for the drill rig that is to slated to begin turning in July.
The first closing of the offering is expected to close today, while the remainder is expected to be closed before March 24. The first closing is said to consist of President’s list subscribers, for proceeds of over $6.0 million.
Trillion Energy last traded at $0.275 on the CSE.
Information for this briefing was found via Sedar and the companies mentioned. The author is currently long the equity of this company. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
