Trio Petroleum raises $184,500 gross via 12% unsecured note; net $164,500

Trio Petroleum Corp

Principal note $211,500 includes $27,000 original issue discount (~13% OID); maturity Jan 30, 2025.
Five installment payments from Sep 30, 2024 to Jan 30, 2025; first payment $118,440.
Interest at 12% p.a.; upon default, note accelerates to 150% of amount due with 22% default rate.
Conversion rights on default at greater of 25% market price or floor of $0.07117 per share; capped at 19.99% of outstanding shares.
Proceeds used for general working capital; placement agent fees of $10,500 and buyer expenses of $9,500.

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 institutional investor valued at $184,500 (effective 2024-03-27).

Action: entry
Agreement: equity purchase
Counterparty: institutional investor
Value: $184,500
Effective: 2024-03-27

Exact text from the filing

Trio Petroleum Corp., a Delaware corporation (the “Company”) executed a Securities Purchase Agreement, dated March 27, 2024 (the “SPA”) with an institutional investor (the “Investor”), which the Investor signed and funded on April 5, 2024, and pursuant to which the Company raised gross proceeds of $184,500

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Trio Petroleum Corp filing history →

Source: SEC EDGAR

accession 0001493152-24-013785

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