Trio Petroleum repays convertible notes in full via 8.9M shares at $0.15 floor price

Trio Petroleum Corp

Repaid remaining balance of $2.55M in convertible notes (First Tranche $2M, Second Tranche $550k) with 3% premium.
Issued/pending issuance of 8,926,664 common shares to Investor at floor price of $0.15 per share.
Notes cancelled, no further obligations; Board cites simplifying capital structure and reducing indebtedness.
Amendment (April 5, 2024) allowed acceleration of more than six monthly payments on Second Tranche Note.
Variable rate transaction prohibition now ends December 31, 2024 (previously ran until notes held).

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 amended Amendment to Transaction Documents with institutional investor valued at Amendment to Second Tranche Note and SPA; permits acceleration of more than six monthly payments and (effective 2024-04-05).

Action: amendment
Agreement: notes offering
Counterparty: institutional investor
Value: Amendment to Second Tranche Note and SPA; permits acceleration of more than six monthly payments and
Effective: 2024-04-05

Exact text from the filing

On April 5, 2024, the Company and the Investor executed and entered into an Amendment to Transaction Documents (the “Amendment”) amending the Second Tranche Note to permit the acceleration of more than six monthly payments pursuant to the Second Tranche Note, as initially provided in the Second Tranche Note, so that the entire outstanding balance of the Second Tranche Note could be repaid.

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Trio Petroleum Corp filing history →

Source: SEC EDGAR

accession 0001493152-24-013410

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