Trillion Energy Announces Debenture Settlement Agreement

Trillion Energy Announces Debenture Settlement Agreement

Trillion Energy International Inc. (CSE: TCF,OTC:TRLEF) (OTCQB: TRLEF) (FSE: Z62) ("Trillion" or the "Company") announces that further to the convertible debenture indenture entered into between the Company and debentureholders dated April 20, 2023 and as supplemented from time to time thereafter for aggregate principal amount of $15,000,000 at 12.0% interest for convertible debentures of the Company (the "Convertible Debentures"), holders (the "Debenture Holders") representing at least 66-23% of the principal amount of the Convertible Debentures have signed an extraordinary resolution dated March 20, 2026, authorizing the Company and the debenture trustee Odyssey Trust, to enter into a fourth supplemental debenture indenture (the "Fourth Supplemental Indenture") to amended various terms of the Indenture as described below.

As of March 20, 2026, the Company owes principal and interest to the Debenture Holders, all of which is currently due in the amount of CAD$16,379,828.49 as of January 31, 2026 (principal amount of CAD$14,999,000 plus interest of CAD$1,380,828.49) plus interest accrued to March 20, 2026 (the "Amount Due").

The Company intends to use its best efforts to raise new equity capital for cash consideration through a brokered prospectus offering to investors for an amount not less than CAD$10,000,000 (the "Financing Amount") to conclude at or before September 30, 2026 (the "Financing").

The Company and the Debenture Holders entered into the Fourth Supplemental Indenture dated March 20, 2026 and, provided the Company completes the Financing for aggregate proceeds of not less than the Financing Amount, the Amounts Due shall be settled and satisfied in the manner set out in the Fourth Supplemental Indenture (collectively, the "Amendments").

Subject to and conditional upon the Company completing the Financing for aggregate proceeds of not less than the Financing Amount:

  1. The Debenture Holders shall convert $11,000,000 of the Amount Due (the "Converted Amount") to common shares of the Company at the same price and terms of the Financing completed by the Company. In the event that the Company completes the Financing in one or more separate tranches or offerings, the Debenture Holders shall only be obligated to convert the Convertible Debentures hereunder when the cumulative total raised from the Financing meets or exceeds the Financing Amount; and
  1. The remaining portion of the Amount Due (approximately $5.37 million) shall be written off and fully forgiven by the Debenture Holders (the "Forgiven Amount").

In the event the Financing is completed in more than one tranche or offering at different offering prices, the Debenture Holder's conversion price shall be equal to the lowest price at which equity capital is issued under the Financing.

In the event the Company does not complete the Financing for aggregate proceeds of not less than the Financing Amount Financing on or before September 30, 2026, this Fourth Supplemental Indenture shall terminate and be of no force and effect after such date, and the Amount Due owing under the Convertible Debentures shall immediately become due and payable, including for greater certainty the Forgiven Amount.

A copy of the Fourth Supplemental Indenture will be filed on SEDAR+ under the Company's profile at www.sedarplus.ca.

About the Company

Trillion Energy International Inc is focused on oil and natural gas production for Europe and Türkiye with natural gas assets in Türkiye. The Company is 49% owner of the SASB natural gas field, a Black Sea natural gas development and a 19.6% (except three wells with 9.8%) interest in the Cendere oil field. More information may be found on www.sedarplus.ca, and our website.

Contact
Sean Stofer, Chairman
Brian Park, VP of Finance
1-778-819-1585
E-mail: info@trillionenergy.com
Website: www.trillionenergy.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290285

News Provided by TMX Newsfile via QuoteMedia

TCF:CC
The Conversation (0)
Trillion Energy

Trillion Energy Announces Independent Resource Evaluation

Highlights include 27.6 MMbbl 2C (unrisked) Contingent Oil Resource to Trillion on North Lead Discovery;

Trillion Energy International Inc. (CSE: TCF) (OTCQB: TRLEF) (FSE: Z620) ("Trillion" or the "Company") announces the results of an independent evaluation of contingent and prospective oil resources for Block M47C3,C4 in Southeast Türkiye, prepared by Chapman Hydrogen and Petroleum Engineering... Keep Reading...
Angkor Resources Invited to Present at Seapex Convention in Manila on Oil & Gas Results in Cambodia

Angkor Resources Invited to Present at Seapex Convention in Manila on Oil & Gas Results in Cambodia

(TheNewswire) GRANDE PRAIRIE, ALBERTA TheNewswire - April 15, 2026 - Angkor Resources Corp. (TSXV: ANK,OTC:ANKOF) ("ANGKOR" OR "THE COMPANY") is pleased to announce that it has been invited to present at the South East Asia Petroleum Exploration Society ("SEAPEX") Regional Convention in Manila,... Keep Reading...
Trillion Energy

Trillion Energy Announces Light Oil Discovery

32.4° API Light Oil Discovery Confirmed at C-1 Well with 38 Metres Net Pay

Trillion Energy International Inc. (CSE: TCF) (OTCQB: TRLEF) (FSE: Z62) ("Trillion" or the "Company") is pleased to announce a significant light oil discovery at the Çetinkaya-1 ("C-1") well in Southeast Türkiye, and a strategic realignment to focus on high-impact oil exploration.Light Oil... Keep Reading...
Syntholene Energy Signs Site Lease and Receives Construction Permit at Historic Husavik Power Station for Demonstration Facility

Syntholene Energy Signs Site Lease and Receives Construction Permit at Historic Husavik Power Station for Demonstration Facility

Lease Anchors Company's Icelandic Operations With Access to Regional Geothermal Infrastructure, Industrial Workforce, and Major Grid Expansion InitiativesSyntholene Energy CORP (TSXV: ESAF) (FSE: 3DD0) (OTCQB: SYNTF) ("Syntholene" or the "Company") announces that it has entered into a definitive... Keep Reading...
QIMC Announces $15.0 Million Bought Deal LIFE Offering of Units

QIMC Announces $15.0 Million Bought Deal LIFE Offering of Units

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATESQuébec Innovative Materials Corp. (CSE: QIMC,OTC:QIMCF) (OTCQB: QIMCF) (FSE: 7FJ) ("QIMC" or the "Company") is pleased to announce that it has entered into an agreement with Research Capital Corporation ("RCC" or... Keep Reading...
Oil barrels with yellow droplet symbols overlaid by colorful stock market graphs and fluctuating price data.

Oil Surges Past US$100 as Trump Blocks Iran Ports After Peace Talks Fail

Oil prices shot past US$100 a barrel on Monday (April 13) after US President Donald Trump ordered a naval blockade of Iranian ports following the collapse of peace talks in Pakistan. Brent crude, the global benchmark, jumped more than 7 percent to US$102.02 a barrel, while US West Texas... Keep Reading...

Interactive Chart

Latest Press Releases

Related News