Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 47

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 47
---
 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, 2025, the Company issued 526,536 common shares at a fair value of $1.42 per share for a total value of $747,681 in connection
with the first closing of an asset acquisition from Novacor.

Series
1 Preferred Shares

Trio
Canada holds an unlimited number of Series 1 Preferred Shares; under the terms of the shares, (i) holders of such shares may require
the entity to purchase their shares upon submission of a retraction notice, (ii) Trio Canada is obligated to redeem the shares within
30 days of receiving a retraction notice and (iii) Trio Canada may redeem the shares at its discretion at any time. On April 4, 2025,
Trio Canada issued 1,071,886 Series 1 Preferred shares (which are redeemable at CAD$1.00) at a value of US$754,000.

Warrants

A
summary of the warrant activity during the six months ended April 30, 2025 is presented below:

 SCHEDULE OF WARRANT ACTIVITY

    Weighted