Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 217

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 217
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 $ 772,500, respectively. Conversion shares were issued numbering 91,965, 42,917, 42,917and 257,500, respectively, at fair values per share of $ 4.80, $ 2.60, $ 2.00and $ 3.40, respectively, for total amounts of $ 441,428, $ 113,300, $ 84,117and $ 881,165, with a cash payment of $ 32,247made to the investor for the difference between the monthly conversion price and the floor price listed in the most recent amendment to the agreement for the February 16, 2024 conversion. Additional shares of 119,796and 17,576, respectively, were issued on February 1, 2024 and April 15, 2024, respectively, at fair values of $ 4.80and $ 12.60, respectively, for total amounts of $ 574,779and $ 221,449, respectively; these share issuances were made in lieu of additional cash payments related to the February 1, 2024 and March 22, 2024 principal payment conversions. Additionally, losses in the amounts of $ 391,447, $ 20,547, $ 180,566and $ 131,165, respectively, were recognized for the difference between the value of the shares issued and the principal payment amounts.

On February 5, 2024, the Company entered into the first amendment to the First Tranche Note of the October 2023 SPA; such amendment provides for i) a reduction of the floor price of the conversion price from $ 7.00to $ 3.00, ii) the issuance of additional 119,796 shares of common stock (as noted above) to the investor in lieu of the Company’s obligation to pay cash installments under the First Tranche Note, and iii) a new obligation of the Company to request acceleration of monthly payments in installments of $250,000 as soon as possible to repay the remaining $1,000,000 principal balance of the First Tranche Note, with the investor converting and selling shares subject to a) the beneficial ownership limitation of 4.99% and b) market prices of the Company’s common stock being at or above the floor price of $3.00.

On February 2, 2024 and February 5, 2024, the Company made principal payments towards