Trio Petroleum reduces convertible note floor price to $0.15, issues 2.4M shares to offset cash obligation

Trio Petroleum Corp

Floor Price on First Tranche Note lowered from $0.35 to $0.15; remaining principal balance $1M.
Issued 2,395,611 shares to Investor in lieu of paying $616,468 in cash for conversion obligations.
Monthly $250,000 installment payments may be accelerated, subject to mutual consent and 4.99% beneficial ownership limit.
Note matures April 4, 2025, carries no interest; first tranche originally funded $1.86M in October 2023.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 1.0

Trio Petroleum Corp amended First Tranche Amendment with an institutional investor (effective 2024-02-05).

Action: amendment
Agreement: credit facility
Counterparty: an institutional investor
Effective: 2024-02-05

Exact text from the filing

On February 5, 2024, in order to expedite the payment of the First Tranche Note, the Company and the Investor entered into a letter agreement amending the First Tranche Note (the “First Tranche Amendment”)

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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 0001493152-24-004949

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