Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 25

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 25
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 the principal amount of $400,000, having an original issue discount of $40,000,
or 10% (the “Initial Investor April 2024 Note”).

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To secure the obligations
of the Company to repay the Initial April 2024 Investor Note, the Company and the Initial April 2024 Investor entered into a Security
Agreement, dated April 16, 2024 (the “Initial April 2024 Security Agreement”).

On April 24, 2024,
the Company entered into an Amended and Restated Securities Purchase Agreement (the “A&R April 2024 SPA”), amending and
restating the Initial April 2024 SPA, in its entirety, and amending the Initial April 2024 Financing by adding an additional institutional
investor (the “Additional April 2024 Investor” and collectively with the Initial April 2024 Investor, the “April 2024
Investors”). Pursuant to the terms of the A&R April 2024 SPA, the Additional April 2024 Investor provided financing to the
Company, on the same terms as provided by the April 2024 Initial Investor, for gross proceeds in the amount of $360,000 resulting in
net proceeds to the Company, after offering expenses, of $328,000 for total net proceeds to the Company of $638,000 (the “April
2024 Financing”). As a result of the financing provided by the Additional April 2024 Investor, April 2024 Investor Notes in an
aggregate principal amount of $800,000 are outstanding and mature on August 16, 2024. The April 2024 Investor Notes provide for mandatory prepayment, in full,
if the Company raises gross proceeds of not less than $1,000,000, in one or a series of related transactions, at any time that the April
2024 Investor Notes are outstanding.

The Company also issued
to the Additional April 2024 Investor 37,500 Commitment Shares, as and for a commitment fee in connection with the April 2024
Financing, so that after such issuance the Company had issued an aggregate of 1,500,000 Commitment Shares to the April 2024 Investors.

In connection with the Amended April 2024 Financing,
the Company issued a Senior Secured Convertible Promissory Note to the Additional April 2024 Investor in the principal amount of $400,000,
having an original issue discount of $40