Mr. Sean Stofer reports
TRILLION ENERGY ANNOUNCES PAYMENT OF DIRECTOR FEES AND DEBT SETTLEMENTS
Trillion Energy International Inc. has issued an aggregate of 3,516,493 common shares of the company in settlement of $204,436.07 in debt owed by the company to directors, officers and consultants.
Sean Stofer, Trillion's interim chief executive officer and chairman of the board, stated: "I would like to thank the directors and employees who have opted to receive amounts payable to them in shares. This is a show of confidence in Trillion as we continue to move forward aggressively with plans to recommence drilling and workovers on our projects."
In connection with the debt settlement, an aggregate of 1,209,413 common shares of the company were issued for 2024 directors fees and certain management services from directors and an officer of the company.
The insider settlement is considered a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the related-party participation in the debt settlement based on that the fair market value of such insider participation does not exceed 25 per cent of the company's market capitalization.
About Trillion Energy International Inc.
Trillion is focused on oil and natural gas production for Europe and Turkey with natural gas assets in Turkey. The company is 49-per-cent owner of the SASB natural gas field, a Black Sea natural gas development and a 19.6-per-cent (except three wells with 9.8 per cent) interest in the Cendere oil field.
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