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)
Angkor Resources Presents Its Proposed 2027 Work Program For Block Viii To The Cambodian Government At The Joint Review Committee

Angkor Resources Presents Its Proposed 2027 Work Program For Block Viii To The Cambodian Government At The Joint Review Committee

(TheNewswire) GRANDE PRAIRIE, ALBERTA (October 21, 2026) TheNewswire - GRANDE PRAIRIE, ALBERTA (October 21, 2026): Angkor Resources Corp. (TSXV: ANK,OTC:ANKOF OTCQB: ANKOF) ("ANGKOR" OR "THE COMPANY") announces that its Cambodian energy subsidiary, EnerCam Resources Co., Ltd. ("EnerCam"),... Keep Reading...
BPH Energy Limited  September 2026 Quarter Operations Report

BPH Energy Limited September 2026 Quarter Operations Report

Perth, Australia (ABN Newswire) - BPH Energy Limited (ASX: BPH) reported progress across its energy and technology investments during the September 2026 quarter, covering Advent Energy's PEP11 appeal and onshore administration, Cortical Dynamics' development of its next-generation brain monitor,... Keep Reading...
Quarterly Activities/Appendix 4C Cash Flow Report

Quarterly Activities/Appendix 4C Cash Flow Report

BPH Energy (BPH:AU) has announced Quarterly Activities/Appendix 4C Cash Flow ReportDownload the PDF here. Keep Reading...
Independent Review of Syntholene Facility Confirms World Class Proof-of-Performance, Supports Potential for Cost-Competitive Synthetic Aviation Fuel

Independent Review of Syntholene Facility Confirms World Class Proof-of-Performance, Supports Potential for Cost-Competitive Synthetic Aviation Fuel

Independent review of Iceland Demonstration Facility operating data supports the potential for Syntholene to achieve lower direct production costs than conventional fossil-derived fuels under favourable commercial operating conditions.Syntholene Energy Corp. (TSXV: ESAF) (OTCQB: SYNTF) (FSE:... Keep Reading...
Oil barrels with yellow droplet symbols overlaid by colorful stock market graphs and fluctuating price data.

Oil Hits US$104 After Aramco HQ Hit, Hormuz Ship Sunk

A targeted missile strike on Saudi Aramco’s administrative headquarters and the sinking of a Singapore-flagged container ship in the Strait of Hormuz have sent Brent crude prices surging past US$104 per barrel.On Tuesday (October 14) night, Iran-aligned Houthi militias launched a ballistic... Keep Reading...
Angkor Resources Reports University Study Supporting Copper-Molybdenum Porphyry Potential at Andong Bor, Cambodia

Angkor Resources Reports University Study Supporting Copper-Molybdenum Porphyry Potential at Andong Bor, Cambodia

(TheNewswire) GRANDE PRAIRIE, ALBERTA - TheNewswire - (October 13, 2026): Angkor Resources Corp. (TSXV: ANK,OTC:ANKOF OTCQB: ANKOF) ("ANGKOR" OR "THE COMPANY") reports the results of a scientific study of drill core from the Thmei North ("TN") target on its Andong Bor mineral exploration license... Keep Reading...

Interactive Chart

Latest Press Releases

Related News