Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1425

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 6
Chunk 1425
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301,500,
respectively; such amounts are debt issuance costs and were recorded as debt discounts to be amortized over the life of the agreement.

Pursuant
to the provisions of the A&R SPA, the Company granted “piggy-back registration rights” to the April 2024 Investors for
the registration for resale of the Commitment Shares and the Conversion Shares (defined hereafter). Additionally, until 18 months after
the later of (i) August 16, 2024 or the full repayment of the April 2024 Investors Notes (defined hereafter), the Company provided the
April 2024 Investors with the right to jointly participate in future financings in an amount up to 100% of any debt financing and up
to 45% of any other type of financing. Further, the Company is prohibited from entering into any variable rate transactions for as long
as the April 2024 Investors hold any of the Commitment Shares; provided, however, that the Company is permitted to enter into At-the-Market
offerings with a nationally recognized broker-dealer. The Company has also agreed to use commercially reasonable efforts to consummate
a reverse stock split of its shares of common stock, in the event that it is required in order to maintain the listing of its common
stock on the NYSE American.

In
connection with the April 2024 Financings, the Company issued Senior Secured Convertible Promissory Notes to the April 2024 Investors
in the aggregate principal amount of $800,000 (the “April 2024 Investors Notes”), having an aggregate original issue discount
of $80,000, or 10% of the aggregate principal amount of the April Notes. There is no interest payable on the outstanding balance of the
April 2024 Investors Notes, unless an Event of Default has occurred, in which case interest will accrue on the outstanding balance of
the April 2024 Investors Notes at a rate of 15% per annum until cured (the “Default Interest”). The Company may prepay all
or any portion of the April 2024 Investors Notes at any time, provided that it also makes an equal prepayment, with respect to each of
the April 2024 Investors Notes, and must prepay both of the April 2024 Investors Notes in full from the proceeds of any debt or equity
financing of the Company generating, in a single transaction or a series of related transactions, gross proceeds of not less than $1