Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 219

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 219
---
 between the value of the shares issued and the principal payment amounts.

On October 18, 2024, the Company made a final principal payment towards the April 2024 Debt Financings in the amount of $ 75,000which it converted into 25,000shares at a conversion price of approximately $ 3.00per share; such share issuance was recorded at a fair value of $ 3.10per share for a total amount of $ 77,450and a loss on conversion of $ 2,450for the difference between the value of the shares issued and the principal payment amount.

As of October 31, 2024 and 2023, the balance of the April 2024 Debt Financings was $ 0as of both dates, with non-cash interest expense related to discounts recognized in the amounts of $ 816,445and $ 0for the years ended October 31, 2024 and 2023, respectively.

| F-21 |

June 2024 Convertible Debt Financings

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 $ 360,000to 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”) and net proceeds to the Company, after offering expenses, of $ 676,200. 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 37,231shares (the “June 2024 Warrant Shares”) of the company’s Common Stock, at an initial exercise price of $ 7.90500per share of Common Stock, subject to certain adjustments (the “June 2024 Warrants”). The June 2024 Warrants (which are