Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 69

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 69
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56,335, and (v) the repayment of the August 1 Investor Note in the amount of $106,400,
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 $1.52 per share. This amount
represents an immediate decrease in pro forma net tangible book value of $0.30 per share to our existing stockholders and immediate
dilution of approximately $0.16 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                                         |     |   |       |   |     | $ |  1.36 |   |
| 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                                               |     | $ | (0.30 | ) |     |   |       |   |
| Pro forma as adjusted net tangible book value per share after this offering     |     | $ |  1.52 |   |     |   |       |   |
| Dilution per share to new investors purchasing common stock in this offering    |     |   |       |   |     | $ | (0.16 | ) |

The dilution information discussed
above is illustrative only and may change based on the actual public offering price and other terms of this offering.

A $0.01 decrease in the assumed public
offering price of $1.36 per share, which was the reported closing price of our common stock on the NYSE American