Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 24

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 24
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 prepayment, in full,
if the Company raises gross proceeds of not less than $1,000,000, in one or a series of related transactions, at any time that the April
2024 Investor Notes are outstanding.

The Company also issued
to the Additional April 2024 Investor 37,500 Commitment Shares, as and for a commitment fee in connection with the April 2024
Financing, so that after such issuance the Company had issued an aggregate of 1,500,000 Commitment Shares to the April 2024 Investors.

In connection with the Amended April 2024 Financing,
the Company issued a Senior Secured Convertible Promissory Note to the Additional April 2024 Investor in the principal amount of $400,000,
having an original issue discount of $40,000, or 10% (the “Additional April 2024 Investor Note”) and otherwise on substantially
the same terms as the Initial Investor April 2024 Investor Note. The Company also issued to the Initial April 2024 Investor an Amended
and Restated Senior Secured Convertible Promissory Note, amending and replacing the Initial Investor April 2024 Note (the “A&R
Initial Investor April 2024 Note” and collectively with the Additional April 2024 Investor Note, the “April 2024 Investor
Notes”). The April 2024 Investor Notes are each convertible into shares of common stock (“Conversion Shares”) at an
initial per share conversion price of $5.00, subject to certain adjustments. Pursuant to the provisions of the A&R April 2024
SPA, the Company granted to the April 2024 Investors certain “piggy-back registration rights” for the registration for resale
of the Commitment Shares and the Conversion Shares. Additionally, for a period beginning on April 16, 2024 and terminating 18 months
after the later of (i) August 16, 2024 or the full repayment of the April 2024 Investor Notes, the Company provided the April 2024 Initial
Investors with a joint right to participate in future financings in an aggregate amount up to 100% of any debt financing and up to 45%
of any other type of financing. Further, the Company is prohibited from entering into any variable rate transactions for as long as the
April 2024 Initial Investors hold any of the Commitment Shares; provided, however, that the Company is permitted to enter into At-the-Market