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Vancouver, B.C. , April 25, 2025 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) announces that in accordance with the terms of a debenture indenture entered into between the Company and Odyssey Trust Company ("Odyssey") dated April 20, 2023 (the "Base Indenture") as supplemented by the first supplemental debenture indenture dated as of September 14, 2023 (together with the Base Indenture, the "Indenture"), governing the 12.0% convertible debentures of the Company (aggregate principal amount of $15,000,000) maturing on April 30, 2025 (the "Convertible Debentures"), holders (each, a "Debentureholder") representing at least 66-2/3% of the principal amount of the Convertible Debentures have signed an extraordinary resolution dated April 23, 2025, consenting to: (i) receiving an aggregate of 27,270,910 common shares of the Company at $0.033 per share in lieu of cash in satisfaction of an aggregate total of $899,940 accrued interest, as of April 30, 2025, payable to all Debentureholders of the Convertible Debentures due on April 30, 2025; (ii) authorizing the Company and Odyssey to enter into a second supplemental debenture indenture (the "Second Supplemental Indenture") to amend the maturity date of the Convertible Debentures from April 30, 2025 to July 31, 2025; (iii) agreed that the Convertible Debentures will continue to bear interest from May 1, 2025 to July 31, 2025 at a rate of 12% per annum payable in cash; and (iv) agreed that as a result of the amendment to the maturity date of the Convertible Debentures, the Debentureholders will receive an extension fee in the aggregate amount of $85,000 payable in common shares of the Company at price of $0.033 per share.
The issuance of the common shares in lieu of cash is subject to the terms and conditions of the Indenture and the Second Supplemental Indenture as well as the receipt of all requisite approvals, including, without limitation, the approval of the Canadian Securities Exchange.
Debt Settlements
The Company also announces that it proposes to issue an aggregate of 1,735,000 common shares of the Company at $0.033 per share in settlement of $57,255 in debt owed by the Company to consultants of the Company.
About the Company
Trillion Energy is focused on natural gas production for Europe and Turkey with natural gas assets in Turkiye 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. More information may be found on www.sedarplus.ca and our website.