Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 224

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 15
Chunk 224
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 to the Company, which waivers require the Company to only pay 50% of the outstanding balance of the April 2024 Investors
Notes upon any equity or debt financing generating less than $5,000,000 in gross proceeds if such financing takes place before June 30,
2024. The maturity date of both April 2024 Investors Notes is August 16, 2024. The Company also incurred debt issuance costs of $56,000
in connection with the issuance of the April 2024 Investor Notes; the values of such costs and the original issue discount noted above
(which total $136,000) are recorded as debt discounts and amortized as the life of the April 2024 Investors Notes.

The
April 2024 Investors Notes are convertible into shares common stock of the Company (the “Conversion Shares”) at a per share
conversion price of $5.00, subject to certain adjustments. The April 2024 Investors Notes also contain certain beneficial ownership limitations
prohibiting the April 2024 Investors from converting the April 2024 Investors Notes, if any such conversion would result in an April
2024 Investor’s ownership of shares in excess of the applicable beneficial ownership limitation. The April 2024 Investors Notes
also contain customary provisions constituting an Event of Default (as such term is defined in the April 2024 Investors Notes) and, in
addition to the requirement to pay Default Interest upon an Event of Default, after an Event of Default has existed for at least 15 days
without being cured, the April 2024 Investors Notes may be accelerated by the April 2024 Investors, in which case they will become immediately
due and payable.

The
Company also granted to the April 2024 Investors a senior security interest in and to all of the Company’s assets and non-real
estate properties, subject to certain exceptions, securing repayment of the April 2024 Investors Notes as set forth in an Amended and
Restated Security Agreement, dated April 24, 2024, between the Company and the April 2024 Investors (the “A&R Security Agreement”).

On
August 6, 2024, in connection with a financing dated on that date, the Company made two cash payments of $25,000 each from the proceeds
of such financing to each of the April 2024 Investors Notes.

On
August 14, 2024, the Company entered into an amendment to the April 2024 Debt Financings to