TRILLION BILLION EQUITY FINANCING

Vancouver, BC, March 29, 2022 (GLOBE NEWSWIRE) — Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (Frankfurt: Z62) is pleased to announce that, pursuant to press releases dated March 14 and 16, 2022, it has closed an oversubscribed private placement for aggregate gross proceeds of approximately $17,913,000 ( the “Private placement”). The private placement was increased from $10,000,000 to $17,913,000 due to strong demand for participation in the offering.

Under the last tranches of the Private Placement, the Company issued a total of approximately 62,198,000 units (the “Units”) at a price of $0.165 per unit for total gross proceeds of approximately $10,262,000. In the first tranche closed on March 16, 2022, the Company issued a total of 46,368,643 units for total gross proceeds of $7,651,000. Units consist of one (1) common share (“Ordinary share”) and one-half (1/2) of one (1) common share purchase warrant (“To guarantee”) of trillion. Each whole warrant entitles its holder to purchase one common share at a price of $0.45 expiring two (2) years from the date of issue. The warrants include an acceleration feature whereby if the Company’s common stock trades at a price above $1.00 during a 20 trading day period, Trillion may accelerate the expiry of the warrants. Echelon Capital Markets acted as financial advisor in connection with the private placement.

Dr. Art Halleran, CEO, said:

Thanks to the recent influx of funds, we will be able to convert our gas reservations in income. This Private placement is a giant step towards achieving this result. the strong demand for the Company’s shares resulting in nearly $8 million oversubscribed illustrates the value of the Company’s SASB assets in the current economic context.

In connection with the final tranches, the Company paid finder’s fees to eligible intermediaries in the amount of approximately $622,000 and issued to intermediaries an aggregate of approximately 3,774,000 broker warrants (the “Broker Mandates”). Each brokerage warrant may be exercised for a period of twenty-four (24) months from the date of issue and entitles its holder to acquire one common share at a price of $0.45 per common share. Echelon Capital Markets received advisory fees and issued advisory fee brokerage warrants as compensation.

The Company settled an aggregate of approximately $315,000 of unpaid debts to certain arm’s length parties, through the issuance of an aggregate of approximately 1,909,000 Units (the “Debt settlement“). The Units issued under the Debt Settlement have the same terms as the Units issued under the Private Placement.

The Units have been offered pursuant to available prospectus exemptions, including sales to accredited investors. Completion of the private placement is subject to regulatory approval, including, but not limited to, approval by the CSE. Securities issued are subject to a hold period of four months from the date of issue.

About the company

Trillion Energy International Inc. is an oil and gas producing company with multiple assets in Turkey and Bulgaria. The Company owns 49% of the SASB natural gas field, one of the first and largest natural gas development projects in the Black Sea; a 19.6% stake (excluding three wells at 9.8%) in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a potential unconventional natural gas property.

The Company’s NI 51-101 and other reports relating to its December 31, 2021 reserves and October 31, 2021 forward-looking resources are available at www.sedar.com, as well as on the Company’s website. GLJ has assessed 2P reserves at approximately 41 BCF for a 100% interest in the SASB gas field, where the Company’s net interest is 49% thereof.

Contact
Art Halleran: 1-250-996-4211
Corporate offices: 1-778-819-1585
Email: [email protected]
Website: www.billionenergy.com

Neither the CSE nor its regulation services provider accepts responsibility for the adequacy or accuracy of this press release.

This press release may contain certain forward-looking information and statements, including, without limitation, the Company’s ability to obtain the necessary CSE approvals. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Trillion, as the case may be, to be materially different from those expressed or implied by such information. forward-looking information, including, but not limited to: general business, economic, competitive, geopolitical and social uncertainties; risks of availability of future capital; risks associated with operating in foreign jurisdictions; and other risks inherent in the oil and gas industry. Although Trillion has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, other factors may cause results not to be anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. A description of the assumptions used in developing this forward-looking information and a description of the risk factors that could cause actual results to differ materially from the forward-looking information can be found in Trillion’s disclosure documents on SEDAR’s website at address www.sedar.com. Trillion does not undertake to update forward-looking information except in accordance with applicable securities laws.

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Carol M. Barragan