Trio Petroleum raises $360K net $310K via convertible note with 10% OID, 750K commitment shares

Trio Petroleum Corp

$360K gross proceeds from senior secured convertible note; net ~$310K after expenses.
Note principal $400K with 10% OID ($40K), convertible at $0.25/share, maturing Aug 16, 2024.
Issued 750K commitment shares as origination fee; piggy-back registration rights granted.
Note secured by all company assets; prepayment required from any $1M+ financing.
Proceeds used for working capital and general corporate purposes.

item 1.01 item 3.02 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 0.9

Trio Petroleum Corp entered into SPA with an institutional investor valued at $360,000 (effective 2024-04-16).

Action: entry
Agreement: equity purchase
Counterparty: an institutional investor
Value: $360,000
Effective: 2024-04-16

Exact text from the filing

On April 16, 2024, Trio Petroleum Corp., a Delaware corporation (the “Company”), entered into a securities purchase agreement (the “SPA”) with an institutional investor (the “Investor”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Trio Petroleum Corp entered into Security Agreement with an institutional investor (effective 2024-04-16).

Action: entry
Counterparty: an institutional investor
Effective: 2024-04-16

Exact text from the filing

To secure the obligations of the Company to repay the Investor Note, the Company has granted to the Investor a senior security interest in and to all of the Company’s assets and properties, subject to certain exceptions, as set forth in that certain Security Agreement, dated April 16, 2024, between the Company and the Investor (the “Security Agreement”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Trio Petroleum Corp entered into Investor Note with an institutional investor valued at $400,000 (effective 2024-04-16).

Action: entry
Agreement: notes offering
Counterparty: an institutional investor
Value: $400,000
Effective: 2024-04-16

Exact text from the filing

In connection with the Financing, the Company issued a Senior Secured Convertible Promissory Note to the Investor in the principal amount of $400,000, having an original issue discount of $40,000, or 10% (the “Investor Note”).

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Trio Petroleum Corp filing history →

Source: SEC EDGAR

accession 0001493152-24-014977

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