Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 26

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 26
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,000, or 10% (the “Additional April 2024 Investor Note”) and otherwise on substantially
the same terms as the Initial Investor April 2024 Investor Note. The Company also issued to the Initial April 2024 Investor an Amended
and Restated Senior Secured Convertible Promissory Note, amending and replacing the Initial Investor April 2024 Note (the “A&R
Initial Investor April 2024 Note” and collectively with the Additional April 2024 Investor Note, the “April 2024 Investor
Notes”). The April 2024 Investor Notes are each convertible into shares of common stock (“Conversion Shares”) at an
initial per share conversion price of $5.00, subject to certain adjustments. Pursuant to the provisions of the A&R April 2024
SPA, the Company granted to the April 2024 Investors certain “piggy-back registration rights” for the registration for resale
of the Commitment Shares and the Conversion Shares. Additionally, for a period beginning on April 16, 2024 and terminating 18 months
after the later of (i) August 16, 2024 or the full repayment of the April 2024 Investor Notes, the Company provided the April 2024 Initial
Investors with a joint right to participate in future financings in an aggregate 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 Initial 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.

As a result of the
Amended April 2024 Financing, the Company entered into an Amended and Restated Security Agreement, dated April 24, 2024, with the
April 2024 Investors (the “A&R April 2024 Security Agreement”), amending and restating the Initial April 2024
Security Agreement, in its entirety, and adding the Additional April 2024 Investor as a secured party. Under the terms of the
A&R April 2024 Security Agreement, the Company has granted to the April 2024 Investors a senior security interest in and to substantially all of the Company’s assets and properties.

The Company entered into two amendments the April 2024 Investor Notes extending the maturity date of the April 2024