Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 23

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 23
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Initial
April 2024 Investor”). Pursuant to the terms and conditions of the Initial April 2024 SPA, the Initial April 2024 Investor provided
financing to the Company for gross proceeds in the amount of $360,000 resulting in net proceeds to the Company, after offering expenses,
of $310,000 (the “Initial April 2024 Financing”). The Company also issued to the Initial April 2024 Investor 37,500
shares of common stock, par value $0.0001 per share, as and for a commitment fee in connection with the Initial April 2024 Financing
(the “Commitment Shares”). In connection with the Initial April 2024 Financing, the Company issued a Senior Secured Convertible
Promissory Note to the Initial April 2024 Investor in the principal amount of $400,000, having an original issue discount of $40,000,
or 10% (the “Initial Investor April 2024 Note”).

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To secure the obligations
of the Company to repay the Initial April 2024 Investor Note, the Company and the Initial April 2024 Investor entered into a Security
Agreement, dated April 16, 2024 (the “Initial April 2024 Security Agreement”).

On April 24, 2024,
the Company entered into an Amended and Restated Securities Purchase Agreement (the “A&R April 2024 SPA”), amending and
restating the Initial April 2024 SPA, in its entirety, and amending the Initial April 2024 Financing by adding an additional institutional
investor (the “Additional April 2024 Investor” and collectively with the Initial April 2024 Investor, the “April 2024
Investors”). Pursuant to the terms of the A&R April 2024 SPA, the Additional April 2024 Investor provided financing to the
Company, on the same terms as provided by the April 2024 Initial Investor, for gross proceeds in the amount of $360,000 resulting in
net proceeds to the Company, after offering expenses, of $328,000 for total net proceeds to the Company of $638,000 (the “April
2024 Financing”). As a result of the financing provided by the Additional April 2024 Investor, April 2024 Investor Notes in an
aggregate principal amount of $800,000 are outstanding and mature on August 16, 2024. The April 2024 Investor Notes provide for mandatory