Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 29

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 29
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, as provided
in the June 2024 Notes, the Company may elect to pay in shares of common stock.

The Company may repay
all or any portion of the outstanding principal amount of the June 2024 Notes, subject to a 5% pre-payment premium; provided that (i)
the Equity Conditions (as such term is defined in the June 2024 Notes) are then met, (ii) the closing price of the common stock
on the trading day prior to the date that a prepayment notice is provided by the Company is not below the then June 2024 Conversion Price,
and (iii) a resale registration statement registering June 2024 Conversion Shares and June Financing Warrant Shares has been declared
effective by SEC. If the Company elects to prepay the June 2024 Notes, the June 2024 Investors have the right to convert all of the principal
amount of the June 2024 Notes at the applicable June 2024 Conversion Price into June 2024 Conversion Shares.

Further, if the Company
directly or indirectly receives proceeds from and closes any kind of financing including through the issuance of any equity or debt securities,
generating, in a single transaction or a series of related transactions, gross proceeds of not less than $1,000,000, the June 2024 Investors
may request a prepayment of all or any portion of the principal amount of the June 2024 Notes and any accrued and unpaid interest thereon
(if any) from the proceeds received by the Company. Notwithstanding the foregoing, if all or a portion of the proceeds of any such financing
closed after the issue date of the June 2024 Notes and prior to the closing of a public offering of the Company’s securities are
to be used to fund the $1,775,000 payable by the Company for the Lafayette Energy/Heavy Sweet Oil option to obtain an additional 17.75%
working interest in the Utah Asphalt Ridge project, then only net proceeds in excess of the $1,775,000 payable for such option may be
applied to any prepayment of the June 2024 Notes.

In connection with the June 2024 SPA, on June 27,
2024, the Company entered into a registration rights agreement with the June 2024 Investors pursuant to which the Company is required
to, within 30 days after the closing date of the June 2024 Financing, file with the SEC a registration statement to register the June
2024 Conversion Shares