Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 63

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 63
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 and cash equivalents, total equity and total capitalization by approximately $1.5 million after deducting the estimated placement agent fees and commissions and estimated offering expenses payable by us.

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<div align='center'>DILUTION</div>

If you invest in the securities in
this offering, your ownership interest will be immediately diluted to the extent of the difference between the public offering price
per share of our common stock and the pro forma as adjusted net tangible book value per share of our common stock after this offering.

As of October 31, 2024, we had
a historical net tangible book value of $9,042,548, or $2.82 per share of common stock. Our historical net tangible
book value per share represents total tangible assets less total liabilities, divided by the number of shares of our common stock outstanding
as of October 31, 2024.

As of October 31, 2024, our pro
forma net tangible book value was 12,663,593, or $1.82 per share of our common stock. Pro forma net tangible book
value represents the amount of our total tangible assets less our total liabilities, after giving effect to effect to the receipt,
after October 31, 2024, of (a) an ATM agreement, resulting in net proceeds of $3,475,650 to the Company from the
issuance of shares of common stock, after October 31, 2024, (b) payments after October 31, 2024 toward (i) the March
2024 Note in the aggregate amount of $88,830, (ii) the June 2024 Notes in the aggregate amounts of $350,847 in cash
and $299,569 in conversion shares and (iii) the August 1 Note in the amount of $85,120 in cash, (c) a payment
of $143,516 (including interest) towards a related party note, (d) a payment of $59,331 towards a related party payable, (e) the
exchange of the August 6 Note for 241,266 shares of common stock and (f) the issuance of 231,046 common
shares that had been awarded in previous periods. Pro forma net tangible book value per share represents pro forma net tangible
book value divided by the total number of shares outstanding as of October 31, 2024, after giving effect to the pro forma adjustments
described above.

After giving