Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 68

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 68
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As of October 31, 2024, we had
a historical net tangible book value of $9,042,548, or $2.82 per share of common stock. Our historical net tangible
book value per share represents total tangible assets less total liabilities, divided by the number of shares of our common stock outstanding
as of October 31, 2024.

As of October 31, 2024, our pro forma
net tangible book value was 12,663,592, or $1.82 per share of our common stock. Pro forma net tangible book value represents the
amount of our total tangible assets less our total liabilities, after giving effect to effect to the receipt, after October 31, 2024,
of (a) an ATM agreement, resulting in net proceeds of $3,475,650 to the Company from the issuance of shares of common stock, after October
31, 2024, (b) payments after October 31, 2024 toward (i) the March 2024 Note in the aggregate amount of $88,830, (ii) the June 2024 Notes
in the aggregate amounts of $350,847 in cash and $299,569 in conversion shares and (iii) the August 1 Note in the amount
of $106,400 in cash, (c) a payment of $143,516 (including interest) towards a related party note, (d) a payment of $59,331 towards
a related party payable, (e) the exchange of the August 6 Note for 230,992 shares of common stock and (f) the issuance
of 231,046 common shares that had been awarded in previous periods. Pro forma net tangible book value per share represents pro forma
net tangible book value divided by the total number of shares outstanding as of October 31, 2024, after giving effect to the pro forma
adjustments described above.

After giving further effect to (i) the
issuance and sale of 5,882,353 Shares in this offering at an assumed public offering price of $1.36 per share, which was
the reported closing price of our common stock on the NYSE American on February 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 $