Trio Petroleum secures $360K additional financing via convertible note and commitment shares

Trio Petroleum Corp

Entered A&R SPA with a second institutional investor for gross proceeds of $360,000 ($328,000 net) on same terms as initial $360K financing.
Issued additional 750,000 commitment shares to the new investor; total commitment shares now 1,500,000.
Issued $400,000 senior secured convertible note with 10% OID ($40,000), convertible at $0.25 per share, maturing August 16, 2024.
Proceeds to be used for working capital and general corporate purposes; company agreed to use commercially reasonable efforts to effect reverse stock split if needed for NYSE American listing.
Investors granted piggy-back registration rights and participation right in future financings up to 100% of debt and 45% of other financings for 18 months.

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 Senior Secured Convertible Promissory Note with Additional Investor valued at principal amount of $400,000, having an original issue discount of $40,000 (effective 2024-04-24).

Action: entry
Agreement: notes offering
Counterparty: Additional Investor
Value: principal amount of $400,000, having an original issue discount of $40,000
Effective: 2024-04-24

Exact text from the filing

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

View on SEC.gov

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

Trio Petroleum Corp amended Amended and Restated Securities Purchase Agreement with institutional investors valued at gross proceeds in the amount of $360,000 (effective 2024-04-24).

Action: amendment
Agreement: equity purchase
Counterparty: institutional investors
Value: gross proceeds in the amount of $360,000
Effective: 2024-04-24

Exact text from the filing

On April 24, 2024, the Company entered into an Amended and Restated Securities Purchase Agreement (the “A&R SPA”), pursuant to which the Financing was amended and an additional institutional investor (the “Additional Investor” and collectively with the Initial Investor, the “Investors”) also provided financing to the Company, on the same terms as provided by the Initial Investor, for gross proceeds in the amount of $360,000 resulting in net proceeds to the Company, after offering expenses, of $328,000 (the “Amended Financing”).

View on SEC.gov

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

Trio Petroleum Corp amended Amended and Restated Secured Convertible Note with Initial Investor (effective 2024-04-24).

Action: amendment
Agreement: notes offering
Counterparty: Initial Investor
Effective: 2024-04-24

Exact text from the filing

The Company also issued an Amended and Restated Secured Convertible Note to the Initial Investor (the “A&R Initial Investor Note”), pursuant to the terms of the A&R SPA, which did not amend any of the provisions of the Initial Investor Note other than to add certain language referencing the Additional Investor Note and the relationship between the two Notes.

View on SEC.gov

268 material agreements filed in the last 30 days. Browse all material agreements →

Trio Petroleum Corp filing history →

Source: SEC EDGAR

accession 0001493152-24-015929

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.