Company: TPET
Filing Date: 2025-04-15
Form Type: 10-K/A
Source: 0001641172-25-004910
Chunk: 161

Company: Trio Petroleum Corp.
Filing Date: 2025-04-15
Form: 10-K/A
Chunk 161
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,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 initial exercise price of $ 7.90500per share. The June 2024 Warrants (which are for the purchase of an aggregate 74,461common shares) were recorded as equity warrants with an aggregate relative fair value of $ 257,701; the factors used to determine fair value were a share price of $ 6.00, an exercise price of $ 7.90500, an expected term of 5years, annualized volatility of 132.52%, a dividend rate of zeropercent and a discount rate of 4.29%.

| F-25 |

A summary of the warrant activity during the years ended October 31, 2024 and 2023 is presented below:

SCHEDULE OF WARRANT ACTIVITY

| Outstanding,     
 November 1, 2022 
 Issued           
 Exercised        
 Cancelled        
 Expired          
 Outstanding,     
 November 1, 2023 
 Issued           
 Exercised        
 Cancelled        
 Expired          |     | Number   
 of       
 Warrants |        - 
  238,803 
 (145,065 
        - 
   (5,402 
   88,336 
  103,658 
        - 
        - 
        - | ) 
 ) |     | Weighted 
 Average  
 Exercise 
 Price    |     - 
 20.77 
 20.51 
     - 
     - 
 22.35 
  9.18 
     - 
     - 
     - |     | Weighted  
 Average   
 Remaining 
 Life      
 in        
 Years     |   - 
 3.1 
   - 
 3.9