Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 30

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 30
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 and the June Financing Warrant Shares and to cause such resale registration statement to be effective within 60
days after the applicable filing date. In addition, in connection with the June 2024 SPA and in the event the transactions contemplated
under the June 2024 SPA would require to comply with the applicable NYSE/NYSE American Rules requiring stockholder approval for the Company’s
issuance of shares of common stock in excess of 20% of the number of shares of common stock outstanding on the date thereof,
the Company agreed to enter into voting agreements with certain Company stockholders, directors and officers, pursuant to which, each
stockholder party thereto will agree to vote its shares of common stock to approve the issuance of the securities under the June
2024 SPA.

To secure the obligations of the Company to
repay the June 2024 Notes, the Company has granted to the June 2024 Investors a senior security interest in and to all of the Company’s
assets and properties, subject to certain exceptions, as set forth in that certain Security Agreement, dated June 27, 2024, between the
Company and the June 2024 Investors.

On September 16, 2024, the Company amended
the conversion price applicable to the June 2024 Notes to a formula based on a five-day average of the closing price of the
Company’s common stock on the NYSE American, provided that such conversion price is not less than the Floor Conversion Price of $2.40 per share.

The June 2024 Notes were repaid, in full, on January
7, 2025, and the security interest securing payment of the June 2024 Notes was also terminated.

August 2024 Debt Financing

August 1, 2024 Financing

The Company executed a Securities Purchase Agreement, dated August 1, 2024 (the “August 1 stSPA”) with the “March 2024 Investor”, pursuant to which the March 2024 Investor provided additional debt financing to the Company, and pursuant to which the Company raised gross proceeds of $134,000 and received net proceeds of $110,625, after payment of offering expenses (the “August 1 stDebt Financing”). The August 1 stSPA contains certain representations and warranties by the March 2024 Investor and the Company and customary closing conditions.

In connection with the August 1 stDebt Financing, the Company issued an unsecured promissory note to the March 2024 Investor