secwatch.observer — SEC 8-K summary
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Issuer:     Trio Petroleum Corp (TPET)
CIK:        0001898766
Form:       8-K
Filed at:   2023-10-04T23:59:59+00:00
Accession:  0001493152-23-035638
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1898766/000149315223035638/0001493152-23-035638-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1898766/000149315223035638/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-035638

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