Trio Petroleum raises ~$2M via warrant exercise with 5 holders; price lowered to $0.80

Trio Petroleum Corp

Five of six warrant holders agreed to exercise for 2,449,466 shares; exercise price reduced from $1.03 to $0.80.
Gross proceeds expected to be approximately $1,959,572 from the warrant exercise agreements.
Shares issued represent a 25% increase over the number of shares originally exercisable under the warrants.
Spartan Capital Securities acted as financial advisor to the company.
One remaining warrant holder did not participate; its warrant terms remain unchanged.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Trio Petroleum Corp entered into Warrant Exercise Agreements with five of the six holders of the Warrants valued at approximately $1,959,572 (effective 2023-07-10).

Action: entry
Agreement: equity purchase
Counterparty: five of the six holders of the Warrants
Value: approximately $1,959,572
Effective: 2023-07-10

Exact text from the filing

On July 10, 2023, the Company entered into warrant exercise agreements (the “Warrant Exercise Agreements”) with five of the six holders of the Warrants, pursuant to which such holders agreed to exercise the Warrants, effective on the date hereof, to purchase 2,449,466 shares of common stock (which represented an increase of 25% over the number of shares of common stock exercisable pursuant to such Warrants on such date, as agreed to by the Company and the holders of the Warrants), and the Company agreed to reduce the exercise price of the Warrants from $1.03 to $0.80 per share with respect to the exercise of the Warrants pursuant to such Warrant Exercise Agreements.

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Trio Petroleum Corp filing history →

Source: SEC EDGAR

accession 0001493152-23-024166

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