Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 24

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 24
---
ii) the conversion floor price, which is $0.07117 (the “Floor Price”); provided, however, that the Floor Price shall not apply after October 5, 2024, and thereafter, the conversion price will be 75% of the Market Price. Issuance of shares of common stock to the March 2024 Investor is subject to certain beneficial ownership limitations and not more than 19.99% of the shares of common stock outstanding on March 29, 2024 may be issued upon conversion of the March 2024 Investor Note. The conversion price is also subject to certain adjustments or other terms in the event of (i) mergers, consolidations or recapitalization events or (ii) certain distributions made to holders of shares of common stock.

The March 2024 Investor Note was repaid, in full,
as of January 30, 2025.

Loan from Former Chief Executive Officer

On March 26, 2024, our former Chief Executive Officer, Michael L. Peterson, who then served as a consultant to the Company, until October 11, 2024, made a loan to us in the principal amount of $125,000 (the “Peterson Loan”). The Company repaid the entire outstanding principal balance of the Peterson Loan and all accrued interest thereon on November 26, 2024. For further information on the Peterson Loan see “Certain Relationships and Related Party Transactions – Related Party Transactions – Loan from Chief Executive Officer.”

April 2024 Financing

On April 16, 2024, the
Company entered into a securities purchase agreement (the “Initial April 2024 SPA”) with an institutional investor (the “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