Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 114

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 8
Chunk 114
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 aggregate principal amount, with the principal amount of the Note, of $712,941, having an aggregate original issue
discount of $106,941, including the original issue discount of the Note, and resulting in an aggregate funding amount, with the Note,
of $606,000. We received additional net proceeds of $333,000 and paid a commission of $33,330 to Spartan Capital Securities, LLC (“Spartan”).

The
Amended and Restated Note provides for both voluntary conversion by the Convertible Note Investor and a right for TPET to require conversion,
subject to certain conditions into shares of common stock. The Amended and Restated Note also contains “piggyback” registration
rights and the shares issuable upon conversion of the Amended and Restated Note are being registered in the registration statement of
which this prospectus forms a part in order to comply with such registration obligations.

As
of April 30, 2025, the balance of the April 2025 Financing was $573,770, with noncash interest expense recognized for the amortization
of debt discounts of $11,100 and $11,100 for the three and six months ended April 30, 2025, respectively.

    20

NOTE
9 – STOCKHOLDERS’ EQUITY

Common
Shares

On
January 1, 2025, the Company entered into an agreement with a consulting firm to provide investor communications and public relations
services. As part of the compensation payable, the Company issued 20,000 common shares at a fair value per share of $1.40 for a total
value of $28,000.

On
January 28, 2025, the Company entered into a Note Exchange Agreement with the investor from the August 6th Financing, pursuant to which
the outstanding balance of $285,852 was exchanged for shares of the Company’s common stock. The transaction was completed on February
10, 2025, with the Company issuing 230,992 shares of common stock at a price of $1.24 per share (determined as 75% of the lowest closing
price of the Company’s stock during the ten trading days immediately preceding February 10, 2025) and a fair value of $1.70 for
a total fair value amount of $392,686. The Company accounted for the exchange as a debt extinguishment, recognizing a loss of $141,534.

On
April 11, 202