Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 43

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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Common Stock on the trading day prior to the date that a prepayment notice is provided by the Company is not below the then June 2024
Conversion Price, and (iii) a resale registration statement registering June 2024 Conversion Shares and June Financing Warrant Shares
has been declared effective by SEC. If the Company elects to prepay the June 2024 Notes, the June 2024 Investors have the right to convert
all of the principal amount of the June 2024 Notes at the applicable June 2024 Conversion Price into June 2024 Conversion Shares.

On
September 26, 2024, October 1, 2024, and October 30, 2024, the Company made principal payments towards the June 2024 Notes in the amounts
of $88,888, $50,000 and $88,888, respectively, which it converted into shares at 103% for conversion amounts of $91,556, $51,500 and
$91,556, respectively. Conversion shares were issued numbering 30,520, 17,167 and 38,150, respectively, at fair values per share of $3.38,
$3.66 and $2.58, respectively, for total amounts of $103,091, $62,830 and $98,422, respectively. Losses in the amounts of $14,203, $12,830
and $9,534, respectively, were recognized for the difference between the value of the shares issued and the principal payment amounts.
An additional 2,317 shares were issued on October 11, 2024 at a fair value of $3.38 for a total amount of $7,838; the share issuance
was made to satisfy a make-whole-share provision which the debtor is entitled to when the effective price of the shares becomes less
than the floor price.

On
December 2, 2024, December 20, 2024 and January 7, 2025, the Company made principal payments in the amounts of $88,888, $290,844 and
$192,492, respectively, in full satisfaction of the principal balance of the notes; the first and third payments were made in cash, with
losses resulting from make-whole payments per the terms of the agreement in the amounts of $2,668 and $69,310, respectively. The second
payment was converted into shares at 103% for a conversion amount