Company: TPET
Filing Date: 2025-01-30
Form Type: 10-K/A
Source: 0001493152-25-004268
Chunk: 53

Company: Trio Petroleum Corp.
Filing Date: 2025-01-30
Form: 10-K/A
Chunk 53
---
 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 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