Company: TPET
Filing Date: 2025-01-30
Form Type: 10-K/A
Source: 0001493152-25-004268
Chunk: 54

Company: Trio Petroleum Corp.
Filing Date: 2025-01-30
Form: 10-K/A
Chunk 54
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 a fair value of $ 38,029; the factors used to determine fair value were a share price of $ 11.00, an exercise price of $ 26.40, an expected term of 5years, annualized volatility of 137.10%, a dividend rate of zeropercent and a discount rate of 4.72%. For the second tranche, the Company issued to Spartan warrants to purchase 2,750common shares of common stock with a fair value of $ 14,753; the factors used to determine fair value were a share price of $ 6.40, an exercise price of $ 11.00, an expected term of 5years, annualized volatility of 137.10%, a dividend rate of zeropercent and a discount rate of 3.93%.

On January 2, 2024, the second tranche of the October 2023 SPA was funded (see Note 9 for further information); in connection with this funding, the Company issued to the investor equity warrants to purchase up to 22,279shares of common stock with an aggregate relative fair value of $ 98,708; the factors used to determine fair value were a share price of $ 6.40, an exercise price of $ 10.00, an expected term of 5years, annualized volatility of 137.10%, a dividend rate of zeropercent and a discount rate of 3.93%.

June 2024 SPA with Warrants

On June 27, 2024, the Company entered into the June 2024 SPA with the June 2024 Investors (see Note 9 above); pursuant to the terms and conditions of the agreement, in consideration for providing financing, the Company issued to each June 2024 Investor a warrant to purchase 37,231shares of the Company’s common stock, at an initial exercise price of $ 7.90500per share. The June 2024 Warrants (which are for the purchase of an aggregate 74,461common shares) were recorded as equity warrants with an aggregate relative fair value of $ 257,701; the factors used to determine fair value were a share price of $ 6.00, an exercise price of $ 7.90500, an expected term of 5years, annualized volatility of 132.52%, a dividend rate of zeropercent and a discount rate of 4.29%.

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A summary of the