Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 82

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 13
Chunk 82
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 the first tranche, the Company issued to Spartan warrants to purchase 4,167 shares
of common stock with a fair value of $38,029; the factors used to determine fair value were a share price of $11.00, an exercise price
of $26.40, an expected term of 5 years, annualized volatility of 137.10%, a dividend rate of zero percent and a discount rate of 4.72%.
For the second tranche, the Company issued to Spartan warrants to purchase 2,750 common shares of common stock with a fair value of $14,753;
the factors used to determine fair value were a share price of $6.40, an exercise price of $11.00, an expected term of 5 years, annualized
volatility of 137.10%, a dividend rate of zero percent and a discount rate of 3.93%.

On
January 2, 2024, the second tranche of the October 2023 SPA was funded (see Note 9 for further information); in connection with this
funding, the Company issued to the investor equity warrants to purchase up to 22,279 shares of common stock with an aggregate relative
fair value of $98,708; the factors used to determine fair value were a share price of $6.40, an exercise price of $10.00, an expected
term of 5 years, annualized volatility of 137.10%, a dividend rate of zero percent and a discount rate of 3.93%.

June
2024 SPA with Warrants

On
June 27, 2024, the Company entered into the June 2024 SPA with the June 2024 Investors (see Note 9 above); pursuant to the terms and
conditions of the agreement, in consideration for providing financing, the Company issued to each June 2024 Investor a warrant to purchase
37,231 shares of the Company’s common stock, at an initial exercise price of $7.90500 per share. 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