04:09 PM EDT, 06/06/2024 (MT Newswires) -- Trillion Energy International ( TRLEF ) on Thursday said it closed the first and second tranches of a private placement of share units, while upsizing the offering to 30-million units from its initial 20-million unit target to raise a total $2.7 million.

The company said it raised $1.7 million in the initial two tranches of the financing, placing a total of 19.37-million units priced at $0.9 each and made up of a share and a two-year warrant to buy a second share for $0.18.

"The use of gross proceeds raised from the offering will be used to pay the costs and cash commissions of the offering of up to $100,000, pay semi-annual interest on outstanding debentures for $900,000, pay for investor awareness programs for approximately $250,000 and the remainder to working capital, save and accept settling certain debts of the company for approximately $450,000," the company said.

Trillion Energy ( TRLEF ) shares closed down $0.005 to $0.12 on the Canadian Securities Exchange.