Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 66

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 66
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 deducting the estimated placement agent fees and estimated
offering expenses payable by us. A decrease of 1,000,000 Shares and/or Pre-Funded Warrants we are offering would decrease our pro forma
as adjusted net tangible book value as of October 31, 2024, giving effect to this offering, by approximately $1.5 million
and reflect a nominal decrease in the value per share, and would increase dilution to investors in this offering by a
nominal amount per share, assuming the public offering price per share remains the same, after deducting the estimated placement
agent fees and estimated offering expenses payable by us.

The pro forma as adjusted information
is illustrative only, and we will adjust this information based on the actual public offering price and other terms of this offering
determined at pricing.

The following table summarizes, as of
October 31, 2024, on a pro forma as adjusted basis described above, the differences between the number of shares of common
stock and/or Pre-Funded Warrants (assuming that only Shares are purchased in this offering) that are purchased from us, the total
consideration paid to us in cash and the average price per share that existing stockholders and new investors paid for such shares. The
calculation below is based on an assumed public offering price of $1.58 per share, which was the reported closing price of
our common stock on the NYSE American on January 24, 2025, before deducting the estimated placement agent fees and estimated
offering expenses payable by us.

|                       |     | Shares Purchased(1) 
 Number              |            |     | Percent |      |   |     | Total Consideration 
 Amount              |            |     | Percent |      |   |     | Average Price 
 Per Share     |      |
|:----------------------|:----|:--------------------|-----------:|:----|:--------|-----:|:--|:----|:--------------------|-----------:|:----|:--------|-----:|:--|:----|:--------------|-----:|
| Existing stockholders |     |                     |  6,966,928 |     |         | 57.9 | % |     | $                   | 26,746,767 |     |         | 77.0 | % |     | $             | 3.84 |
| New investors         |     |                     |  5,063,291 |     |