Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 235

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 235
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 with Warrants

On October 4, 2023 and December 29, 2023, the Company entered into placement agent agreements with Spartan (see Note 8 for further information) for their role in connection with the two tranche fundings related to the October 2023 SPA; among other things, the agreements provide the agent with equity-classified warrants to purchase a number of common shares equal to 5% of the number of common shares initially issuable upon conversion of each note tranche. For the first tranche, the Company issued to Spartan warrants to purchase 4,167shares of common stock with a fair value of $ 38,029; the factors used to determine fair value were a share price of $ 11.00, an exercise price of $ 26.40, an expected term of 5years, annualized volatility of 137.10%, a dividend rate of zeropercent and a discount rate of 4.72%. For the second tranche, the Company issued to Spartan warrants to purchase 2,750common shares of common stock with a fair value of $ 14,753; the factors used to determine fair value were a share price of $ 6.40, an exercise price of $ 11.00, an expected term of 5years, annualized volatility of 137.10%, a dividend rate of zeropercent and a discount rate of 3.93%.

On January 2, 2024, the second tranche of the October 2023 SPA was funded (see Note 9 for further information); in connection with this funding, the Company issued to the investor equity warrants to purchase up to 22,279shares of common stock with an aggregate relative fair value of $ 98,708; the factors used to determine fair value were a share price of $ 6.40, an exercise price of $ 10.00, an expected term of 5years, annualized volatility of 137.10%, a dividend rate of zeropercent and a discount rate of 3.93%.

June 2024 SPA with Warrants

On June 27, 2024, the Company entered into the June 2024 SPA with the June 2024 Investors (see Note 9 above); pursuant to the terms and conditions of the agreement, in consideration for providing financing, the Company issued to each June 2024 Investor a warrant to purchase 37,231shares of the Company’s common stock, at an