Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 225

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 15
Chunk 225
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 extend the maturity dates of the notes from
August 16, 2024 to September 16, 2024; the amendment also provided for the accrual of interest on the outstanding principal balance of
the notes at a rate of 15% per annum from August 16, 2024, until the notes were repaid.

On
October 1, 2024, the Company made aggregate principal payments towards the April 2024 Debt Financings in the amount of $682,031 (of which
$7,031 was in interest) which it converted into 224,291 shares at a conversion price of approximately $3.44 per share; such share issuances
were recorded at a fair value of $3.66 per share for a total amount of $729,405 and a loss on conversion of $47,373 for the difference
between the value of the shares issued and the principal payment amounts.

On
October 18, 2024, the Company made a final principal payment towards the April 2024 Debt Financings in the amount of $75,000 which it
converted into 25,000 shares at a conversion price of approximately $3.00 per share; such share issuance was recorded at a fair value
of $3.10 per share for a total amount of $77,450 and a loss on conversion of $2,450 for the difference between the value of the shares
issued and the principal payment amount.

As
of October 31, 2024 and 2023, the balance of the April 2024 Debt Financings was $0 as of both dates, with non-cash interest expense related
to discounts recognized in the amounts of $816,445 and $0 for the years ended October 31, 2024 and 2023, respectively.

    F-21

June
2024 Convertible Debt Financings

On
June 27, 2024, the Company entered into a securities purchase agreement (the “June 2024 SPA”) with the same April 2024 Investors
(the “June 2024 Investors”). Pursuant to the terms and conditions of the June 2024 SPA, each June 2024 Investor provided
financing of $360,000 to the Company (net of a 10% original issuance discount as described below) in the form of the June 2024 Notes
(as defined below) for aggregate gross proceeds in the amount of $720,000 (