Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 27

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 27
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 Note through October 16, 2024, changing the conversion price to a formula based on a five-day average of the closing price of the Company’s common stock on the NYSE American and adding a floor conversion price of $3.00 per share. As of the date of this prospectus, the April 2024 Investor Notes have been fully converted and are no longer outstanding.

The April 2024 Investor Notes were repaid, in
full, as October18, 2024, and the security interest securing payment of the April 2024 Investor Notes was also terminated.

June 2024 Convertible Debt Financing

On June 27, 2024, the Company entered into a securities
purchase agreement (the “June 2024 SPA”) with the same April 2024 Investors (the “June 2024 Investors”). Pursuant
to the terms and conditions of the June 2024 SPA, each June 2024 Investor provided financing of $360,000 to the Company (net of a 10%
original issuance discount as described below) in the form of the June 2024 Notes (as defined below) for aggregate gross proceeds in
the amount of $720,000 (the “June 2024 Financing”). In consideration of the June 2024 Investors’ funding under the
June 2024 SPA, on June 27, 2024, the Company issued and sold to each June 2024 Investor: (A) a Senior Secured 10% Original Issue Discount
Convertible Promissory Note in the aggregate principal amount of $400,000 (the “June 2024 Notes”) and (B) a warrant to purchase
37,230 shares (the “June 2024 Warrant Shares”) of the company’s common stock, at an initial exercise
price of $7.905 per share of common stock, subject to certain adjustments (the “June 2024 Warrants”).

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The June 2024 Notes are
initially convertible into shares of common stock (the “June 2024 Conversion Shares”) at a conversion price of $7.90500
per share, subject to certain adjustments (the “June 2024 Notes Conversion Price”), provided that the June 2024 Conversion
Price shall not be reduced below $2.40 (the “June 2024 Floor Price”), and provided further that, subject to the applicable
rules of the NYSE American, the Company may lower the June 2024