Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 156

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 8
Chunk 156
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 offering
to be credited against the accountable expenses incurred by the Placement Agent upon successful completion of the Company’s IPO,
a cash fee of 7.5%, warrants to purchase a number of common shares equal to 5% of the aggregate number of common shares placed in the
IPO and reimbursement of other expenses. On April 20, 2023, pursuant to this agreement, the Company issued representative warrants to
Spartan to purchase up to an aggregate of 5,000 shares of common stock; such warrants have a 5five-year term with an exercise price of
$66.00 and can be exercised any time after the IPO date.

On
October 4, 2023 and December 29, 2023, the Company entered into additional placement agent agreements with Spartan, whereby Spartan would
serve as the exclusive placement agent in connection with the closing of private placements. The agreements provided the agent with i)
a cash fee 7.5% of the aggregate proceeds raised in the sale and ii) warrants to purchase a number of common shares equal to 5% of the
number of common shares initially issuable upon conversion of each note tranche; warrants to purchase 4,167 and 2,750 common shares with
exercise prices of $26.40 and $11.00 for the first and second tranches, respectively, were issued to Spartan as of January 31, 2024.
Such warrants may be exercised beginning 6 months after issuance until four- and one-half years thereafter.

    18

NOTE
8 – NOTES PAYABLE

Notes
payable as of July 31, 2025 and October 31, 2024 consisted of the following:

 SCHEDULE OF NOTES PAYABLE

    As of July 31, 2025  
    As of October 31, 2024 
  
    Promissory notes, net of discounts 
     -  
     742,852 
  
    Payable – related party 
     -  
     115,666 
  
    Convertible note, net of discounts 
     865  
     - 
  
    Note Payable, related party 
     -  
     135,000 
  
    Total Notes payable 
    $865  
    $993,518 

Payable
– related party 

See
Note 6 - McCool Ranch Oil Field Asset Purchase – Related Party for further information.

March
2024 Debt Financing