Trio Petroleum issues $2M convertible note as part of up to $3.5M financing

Trio Petroleum Corp

Issued $2M senior secured convertible note (principal) with conversion price of $1.20 (floor $0.35) and warrants for 866,702 shares at $1.20.
First tranche funded $1.86M (net of 7% OID and fees); second tranche of $1.05M subject to stockholder approval and SEC registration.
Granted security interest in all assets, including California oil and gas interests via deed of trust.
Placement agent Spartan Capital received 7.5% cash fee and warrants for 83,333 shares at $1.32.
Stockholders representing 4.025M shares agreed to vote for approval of the issuance; company subject to 180-day lockup.

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 Securities Purchase Agreement with an institutional investor valued at up to $3.5 million (effective 2023-10-04).

Action: entry
Agreement: equity purchase
Counterparty: an institutional investor
Value: up to $3.5 million
Effective: 2023-10-04

Exact text from the filing

On October 4, 2023, Trio Petroleum Corp. (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with an institutional investor (the “Investor”)

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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 0001493152-23-035638

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