Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 64

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 64
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 further effect to (i) the
issuance and sale of 5,063,291 Shares in this offering at an assumed public offering price of $1.58 per share, which
was the reported closing price of our common stock on the NYSE American on January 24, 2025, resulting in net proceeds to the Company
of approximately $6,902,500 after deducting placement agent fees and estimated offering expenses payable by us, (ii) the repayment
of related party loans in the amount of $56,335, and (v) the repayment of the August 1 Investor Note in the amount
of $85,120, and after deducting the estimated placement agent fees and estimated offering expenses payable by us, our pro
forma as adjusted net tangible book value as of October 31, 2024 would have been approximately $19,542,601 or approximately
$1.62 per share. This amount represents an immediate decrease in pro forma net tangible book value of $0.20 per
share to our existing stockholders and immediate dilution of approximately $0.04 per share to new investors in this offering.
We determine dilution by subtracting the pro forma adjusted net tangible book value per share after this offering from the amount of
cash that a new investor paid for a share of common stock in this offering. The following table illustrates this dilution:

| Assumed public offering price per share                                         |     |   |       |   |     | $ |  1.58 |   |
| Historical net tangible book value per share as of October 31, 2024             |     | $ |  2.82 |   |     |   |       |   |
| Pro forma net tangible book value per share, as of October 31, 2024, before     
 giving effect to this offering                                                  |     | $ |  1.82 |   |     |   |       |   |
| Increase/(decrease) in net tangible book value per share                        |     | $ | (1.00 | ) |     |   |       |   |
| Increase/(decrease) in pro forma net tangible book value per share attributable 
 to new investors in this offering                                               |     | $ | (0.20 | ) |     |   |       |   |
| Pro forma as adjusted net tangible book value per share after this offering     |     | $ |  1.62 |   |     |