secwatch.observer — SEC 8-K summary
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Issuer:     Trio Petroleum Corp (TPET)
CIK:        0001898766
Form:       8-K
Filed at:   2024-04-08T23:59:59+00:00
Accession:  0001493152-24-013785
Event type: debt
Sentiment:  negative
Materiality: 0.50
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1898766/000149315224013785/0001493152-24-013785-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1898766/000149315224013785/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-013785

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