secwatch.observer — SEC 8-K summary
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Issuer:     Trio Petroleum Corp (TPET)
CIK:        0001898766
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0001493152-24-015929
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1898766/000149315224015929/0001493152-24-015929-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1898766/000149315224015929/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-015929

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