Company: TPET
Filing Date: 2025-03-05
Form Type: S-8
Source: 0001493152-25-009234
Chunk: 24

Company: Trio Petroleum Corp.
Filing Date: 2025-03-05
Form: S-8
Chunk 24
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Amended April 2024 Financing, the Company entered into an Amended and Restated Security Agreement, dated April 24, 2024, with the April
2024 Investors (the “A&R April 2024 Security Agreement”), amending and restating the Initial April 2024 Security Agreement,
in its entirety, and adding the Additional April 2024 Investor as a secured party. Under the terms of the A&R April 2024 Security
Agreement, the Company has granted to the April 2024 Investors a senior security interest in and to substantially all of the Company’s assets and properties.

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The Company entered into two amendments the April 2024 Investor Notes extending the maturity date of the April 2024 Note through October 16, 2024, changing the conversion price to a formula based on a five-day average of the closing price of the Company’s common stock on the NYSE American and adding a floor conversion price of $3.00 per share. As of the date of this prospectus, the April 2024 Investor Notes have been fully converted and are no longer outstanding.

The April 2024 Investor Notes were repaid, in
full, as October 18, 2024, and the security interest securing payment of the April 2024 Investor Notes was also terminated.

June 2024 Convertible Debt Financing

On June 27, 2024, the Company entered into a
securities purchase agreement (the “June 2024 SPA”) with the same April 2024 Investors (the “June 2024 Investors”).
Pursuant to the terms and conditions of the June 2024 SPA, each June 2024 Investor provided financing of $360,000 to the Company (net
of a 10% original issuance discount as described below) in the form of the June 2024 Notes (as defined below) for aggregate gross proceeds
in the amount of $720,000 (the “June 2024 Financing”). In consideration of the June 2024 Investors’ funding under the
June 2024 SPA, on June 27, 2024, the Company issued and sold to each June 2024 Investor: (A) a Senior Secured 10% Original Issue Discount
Convertible Promissory Note in the aggregate principal amount of $400,000 (the “June 2024 Notes”) and (B) a warrant to purchase
37,230 shares (the “June 2024