Trillion Energy Secures Debt Settlements Through Share Issuance
Overview of Trillion Energy's Recent Actions
Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) has made significant strides by issuing a total of 3,516,493 common shares, valued at $204,436.07. This settlement pertains to debts owed by the Company to its directors, officers, and consultants, signaling a commitment to transparency and management accountability.
Insights from Leadership
Sean Stofer, the Interim CEO and Chairman of the Board, expressed gratitude towards the directors and employees who chose to receive their owed amounts in shares. This decision reflects a robust confidence in Trillion's direction as preparations intensify to recommence drilling operations and workover projects.
Details of the Debt Settlement
In alignment with the recent settlement activities, 1,209,413 common shares were issued specifically for 2024 directors' fees and management services. This proactive measure not only addresses the financial obligations but also strengthens stakeholder relations.
Understanding the Insider Settlement
The Insider Settlement involved related-party transactions as elaborated under the Multilateral Instrument 61-101. The Company successfully invoked exemptions from formal valuation and minority shareholder approval requirements due to the related party participation in the Debt Settlement, ensuring it does not exceed 25% of the Company’s market capitalization.
About Trillion Energy International Inc.
Trillion Energy is strategically focused on oil and natural gas production, primarily targeting European and Turkish markets. The Company holds a 49% interest in the SASB natural gas field, which lies in the Black Sea, as well as a 19.6% stake in the Cendere oil field, creating diverse opportunities for growth. The Company continually seeks to enhance its resource base and operational efficiency.
Future Outlook and Company Goals
As Trillion Energy prepares to advance its projects, the decision to issue shares in lieu of cash payments showcases effective capital management. The focus remains on enhancing production capabilities and exploring new opportunities within the oil and natural gas sector, despite the existing market fluctuations and challenges.
Contact Information
For further inquiries, reach out to:
Sean Stofer, Chairman
Brian Park, VP of Finance
Phone: 1-778-819-1585
Email: info@trillionenergy.com
Website: www.trillionenergy.com
Frequently Asked Questions
What recent financial actions has Trillion Energy taken?
Trillion Energy has issued common shares to settle debts totaling over $204,000 owed to directors and consultants.
Who is the current CEO of Trillion Energy?
Sean Stofer serves as the Interim CEO and Chairman of Trillion Energy International Inc.
What projects does Trillion Energy focus on?
Trillion Energy focuses on oil and natural gas production, with significant interests in the SASB gas field and Cendere oil field.
How does the Debt Settlement benefit Trillion Energy?
The Debt Settlement improves cash flow management and builds confidence among stakeholders regarding the company’s operational direction.
Where can I find more information about Trillion Energy?
Additional information is available on Trillion Energy's official website and financial filings on www.sedarplus.ca.
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