TRILLION ENERGY INTERNATIONAL ANNOUNCES ACCELERATION OF WARRANT EXPIRY DATE FOR 2021 WARRANTS

Rhea-AI Summary

Trillion Energy International has elected to accelerate the expiry of its March 2021 Warrants due to the company's share price closing above CAD$0.15 for 10 consecutive trading days. As of October 21, 2022, the expiry date for remaining unexercised warrants is set to November 21, 2022. A total of 12,025,997 warrants remain unexercised, with different exercise prices: CAD$0.10, CAD$0.12, US$0.08, and US$0.16. The company focuses on oil and gas production in Turkey and Bulgaria, notably holding significant interests in the SASB field and Cendere oil field.

Positive

• Company shares traded above CAD$0.15 for 10 consecutive days, triggering warrant acceleration.
• 12,025,997 March 2021 Warrants remain unexercised, indicating potential future capital influx.

Negative

• The accelerated expiry of warrants could indicate urgency in capital raising efforts.

Vancouver, B.C. , Oct. 21, 2022 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. ("Trillion" or the "Company"”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) announces that it has elected to exercise its right under the terms of the warrant certificates governing the common share purchase warrants of the Company issued during March, 2021 (the "March 2021 Warrants") to accelerate the term of the March 2021 Warrants.

Pursuant to the 2021 March Warrants, in the event the Company's share price closes at a price of CAD$0.15 per share for a period of 10 consecutive trading days on the Canadian Securities Exchange, the Company may accelerate the term of the March 2021 Warrants to a period of 30 days following notice by providing notice to the warrant holders in writing or by news release.

As of October 21, 2022, the closing price of the Company's common shares has traded in excess of CAD$0.15 for at least 10 consecutive trading days. Accordingly, the expiry date of the 2021 is accelerated to November 21, 2022 (the "Accelerated Expiry Date").

Any March 2021 Warrants that remain unexercised by 5:00 p.m. (Pacific Time) on the Accelerated Expiry Date will expire and be cancelled.

As of October 21, 2022, an aggregate of 12,025,997 of the March 2021 Warrants have yet to be exercised, of which 4,007,917 are exercisable at CAD$0.10 per share, 4,660,000 are exercisable at CAD$0.12 per share, 2,358,080 are exercisable at US$0.08 per share and 1,000,000 are exercisable at US$0.16 per share. Each March 2021 Warrants is exercisable to acquire one common share of the Company.

About the Company

Trillion is an oil and gas producing company with multiple assets throughout Turkey 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.sedar.com, and our website.

Contact
Art Halleran: 1-250-996-4211
Corporate offices: 1-778-819-1585
e-mail: info@trillionenergy.com
Website: www.trillionenergy.com

Cautionary Statement Regarding Forward-Looking Statements

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

FAQ

What is the new expiry date for Trillion Energy's March 2021 Warrants?

The new expiry date is November 21, 2022.

How many March 2021 Warrants are still unexercised as of October 21, 2022?

As of October 21, 2022, there are 12,025,997 unexercised March 2021 Warrants.

What was the share price requirement for Trillion Energy to accelerate the warrants?

The share price needed to be above CAD$0.15 for 10 consecutive trading days.

What are the exercise prices for the unexercised March 2021 Warrants?

The exercise prices are CAD$0.10, CAD$0.12, US$0.08, and US$0.16.

What significant assets does Trillion Energy have in its portfolio?

The company has significant interests in the SASB natural gas field and Cendere oil field in Turkey.