Company: TPET
Filing Date: 2025-03-05
Form Type: S-8
Source: 0001493152-25-009234
Chunk: 29

Company: Trio Petroleum Corp.
Filing Date: 2025-03-05
Form: S-8
Chunk 29
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18.

As of October 31, 2024, the balance of the August
1, 2024 Financing was $128,588, with noncash interest expense recognized for the amortization of debt discounts of $17,963 for the year
ended October 31, 2024.

In January and February 2025, the Company made
cash payments of $85,120 and $21,280, respectively, towards the August 1 Investor Note, and as of February 24, 2025, the
balance of the August 1, 2024 Financing was $40,349.

August 6, 2024 Financing

The Company executed a Securities Purchase Agreement, dated August 6, 2024 (the “August 6 thSPA”) with a new institutional investor (the “August 2024 Investor”), pursuant to which the August 2024 Investor provided debt financing to the Company, and pursuant to which the Company raised gross proceeds of $225,000 and received net proceeds of $199,250, after payment of offering expenses (the “August 6 thDebt Financing”). The August 6 thSPA contains certain representations and warranties by the August 2024 Investor and the Company and customary closing conditions.

In connection with the August 6 thDebt Financing, the Company issued an unsecured promissory note to the August 2024 Investor, dated August 6, 2024, in the principal amount of $255,225, having an original issue discount of $30,225 or approximately 11.8% (the “August 6 thInvestor Note”). Interest accrues on the August 6 thInvestor Note at a rate of 12% per annum and the maturity date of the August 6 thInvestor Note is May 30, 2025. The August 6 thInvestor Note provides for five payments of principal and accrued interest which are payable: (i) $142,926 on January 30, 2025; (ii) $35,731 on February 28, 2025; (iii) $35,731 on March 30, 2025; (iv) 35,731 on April 30, 2025; and (v) $35,731 on May 30, 2025. The Company, subject to certain limitations, may prepay the August 6 thInvestor Note, in full and not in part, any time during the 180 day