Trio Petroleum closes $550K second tranche of financing with reduced conversion price to $0.50

Trio Petroleum Corp

Second tranche closed Jan 2, 2024; gross proceeds $511,500, net proceeds $420,522 after fees.
Conversion price and warrant exercise price reduced from $1.20 to $0.50 per share.
Issued $550K convertible note and warrant to purchase 445,561 shares of common stock.
Spartan Capital received 7.5% cash fee and a placement agent warrant for 55,000 shares at $0.55.
Amendment includes $10,000 reimbursement for investor legal fees and no Event of Default.

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 Placement Agent Agreement with Spartan Capital Securities LLC valued at Cash fee of 7.5% of gross proceeds from Second Tranche; issuance of Placement Agent Warrant to purch (effective 2024-01-02).

Action: entry
Agreement: underwriting
Counterparty: Spartan Capital Securities LLC
Value: Cash fee of 7.5% of gross proceeds from Second Tranche; issuance of Placement Agent Warrant to purch
Effective: 2024-01-02

Exact text from the filing

The Placement Agent, pursuant to a placement agent agreement (the “Placement Agent Agreement”), served as the exclusive placement agent in connection with the closing of the private placement with the Investor.

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Trio Petroleum Corp filing history →

Source: SEC EDGAR

accession 0001493152-24-000143

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