Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 234

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 234
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58, respectively, for total amounts of $ 103,091, $ 62,830and $ 98,422, respectively. An additional 2,317shares were issued on October 11, 2024 at a fair value of $ 3.38for a total amount of $ 7,838; the share issuance was made to satisfy a make-whole-share provision which the debtor is entitled to when the effective price of the shares becomes less than the floor price.

On October 1, 2024, the Company made aggregate principal payments towards the April 2024 Debt Financings in the amount of $ 682,031(of which $ 7,031was in interest) which it converted into 224,291shares at a conversion price of approximately $ 3.44per share; such share issuances were recorded at a fair value of $ 3.66per share for a total amount of $ 729,405and a loss on conversion of $ 47,373for the difference 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.

| F-24 |

Warrants

Other Warrants

In December 2022, the Company entered into subscription agreements with two accredited investors for the aggregate issuance of 20,000common shares, as well as warrants to purchase additional shares up to the initial subscription amount; the warrants are exercisable for two years and have an exercise price equal to fifty percent of the price per share the Company sells its common shares in its IPO. The warrants were determined to be equity classified and were recorded at fair value in additional paid-in capital on the balance sheet for the period. Their fair value was based on the price the third-party investors paid for the original subscription agreements described above.

In April 2023, the Company also issued warrants to purchase 5,000shares of common stock to the underwriters at an exercise price of $ 66.00per share.

October 2023 SPA