Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 29

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 29
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 $134,000 and received net proceeds of $110,625, after payment of offering expenses (the “August 1 stDebt Financing”). The August 1 stSPA contains certain representations and warranties by the March 2024 Investor and the Company and customary closing conditions.

In connection with the August 1 stDebt Financing, the Company issued an unsecured promissory note to the March 2024 Investor, dated August 1, 2024, in the principal amount of $152,000, having an original issue discount of $18,000 or approximately 11.8% (the “August 1 stInvestor Note”). Interest accrues on the August 1 stInvestor Note at a rate of 12% per annum and the maturity date of the August 1 stInvestor Note is May 30, 2025. The August 1 stInvestor Note provides for five payments of principal and accrued interest which are payable: (i) $85,120 on January 30, 2025; (ii) $21,280 on February 28, 2025; (iii) $21,280 on March 30, 2025; (iv) $21,280 on April 30, 2025; and (v) $21,280 on May 30, 2025 for a total of $170,240. The Company, subject to certain limitations, may prepay the August 1 stInvestor Note, in full and not in part, any time during the 180 day period after the issuance date of the August 1 stInvestor Note at a 3% discount to the outstanding amount of principal and interest due and payable; provided, that in the event of a prepayment, the Company will still be required to pay the full amount of interest that would have been payable through the term of the August 1 stInvestor Note, in the amount of $18,240. The remaining terms of the August 1 stInvestor Note are the same at the March 2024 Investor Note, except that the floor price is $0.18.

As of October 31, 2024, the balance of the August
1, 2024 Financing was $128,588, with noncash interest expense recognized for the amortization of debt discounts of $17,963 for the year
ended October 31, 2024.

August 6, 2024 Financing

he Company executed a Securities Purchase