Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 41

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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,000 extension fee
(per amendment) to the principal of the note. On November 25, 2024, the Company paid off the Peterson Note in the amount of $143,516,
with $135,000 in satisfaction of the principal amount owed and $8,516 towards accrued interest.

June
2024 Convertible Debt Financings

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”) and net proceeds to
the Company, after offering expenses, of $676,200. 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 37,231
shares (the “June 2024 Warrant Shares”) of the company’s Common Stock, at an initial exercise price of $7.90500 per
share of Common Stock, subject to certain adjustments (the “June 2024 Warrants”). The June 2024 Warrants (which are for the
purchase of an aggregate 74,461 common 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 5 years, annualized
volatility of 132.52%, a dividend rate of zero percent and a discount rate of 4.29%.

    19

The
June 2024 Notes are initially convertible into shares of Common Stock (the “June 2024 Conversion Shares”) at a conversion
price of $7.90500 per share, subject to certain