Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 95

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 8
Chunk 95
---
 incorporated under the Canada Business Corporations Act (“Novacor”), pursuant to which, subject to the terms
and conditions set forth in the APA, Trio Canada agreed to acquire certain assets of Novacor relating its oil and gas business, including
certain contracts, leases and permits for working interests in petroleum and natural gas and mineral rights located in the Lloydminster,
Saskatchewan heavy oil region in Canada (collectively, the “Novacor Assets”), free and clear of any liens other than certain
specified liabilities of Novacor that are being assumed (collectively, the “Liabilities” and such acquisition of the Novacor
Assets and assumption of the Liabilities together, the “Novacor Acquisition”) for a total purchase price of (i) US$650,000,
in cash, US$65,000 of which was previously provided as a deposit to Novacor, and (ii) the issuance to Novacor of 526,536 shares of common
stock of common stock (the “Novacor Shares”).

The
APA provides for the Novacor Acquisition to be closed in two closings. The first closing of the Novacor Acquisition was consummated on
April 8, 2025 (the “First Closing”). At the First Closing, title to certain of the Novacor Assets was delivered to Trio Canada
and the Company delivered to Novacor (i) US$260,000, in cash, reflecting the US$325,000 payable for those Assets, less the US$65,000
deposit previously paid by us to Novacor and (ii) the 526,536 shares of common stock. The APA further provides for the second closing
of the Novacor Acquisition (“Second Closing”) for the sale of the remaining Assets to take place, subject to the satisfaction
or waiver of the applicable closing conditions provided in the APA, including delivery of the applicable deliverables, on the later of
(i) May 15, 2025 and (ii) three business days following the date that Novacor has provided written notice to Trio Canada that the right
of first refusal with respect the remaining Assets as described in Schedule of the APA has expired or been waived.

The
Company has accounted for this transaction as an asset acquisition in accordance with ASC 805 – Business Combinations. As a result,
an asset has been recorded on the balance sheet totaling $1,406,081. This amount comprises the following components: a