Trio Petroleum prices IPO of 2M shares at $3.00, raising $6M gross

Trio Petroleum Corp

Priced IPO of 2,000,000 shares at $3.00/share; gross proceeds $6M, net proceeds ~$4.94M.
Underwriters granted 45-day option to purchase up to 300,000 additional shares for over-allotments.
Common stock began trading on NYSE American under symbol 'TPET' on April 18, 2023.
Proceeds to fund drilling of wells, repay debt, and for working capital and general corporate purposes.
Issued Representative's Warrant to purchase 100,000 shares at $3.30 (110% of offering price), expiring 2028.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Trio Petroleum Corp entered into Underwriting Agreement with Spartan Capital Securities, LLC, as representative of the underwriters valued at total gross proceeds of $6,000,000 (effective 2023-04-17).

Action: entry
Agreement: underwriting
Counterparty: Spartan Capital Securities, LLC, as representative of the underwriters
Value: total gross proceeds of $6,000,000
Effective: 2023-04-17

Exact text from the filing

On April 17, 2023, Trio Petroleum Corp. (the “ Company ”) entered into an Underwriting Agreement (the “ Underwriting Agreement ”) with Spartan Capital Securities, LLC, as representative of the underwriters named on Schedule 1 thereto (the “Representative ”) relating to the Company’s firm commitment underwritten initial public offering (the “ Offering ”) of common stock, par value $0.0001 per share (the “ Common Stock ”).

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197 material agreements filed in the last 30 days. Browse all material agreements →

Trio Petroleum Corp filing history →

Source: SEC EDGAR

accession 0001493152-23-013089

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