Trio Petroleum raises $134K via 12% OID note; conversion at 75% of market

Trio Petroleum Corp

Gross proceeds $134K; net $110,625 after offering expenses; principal $152K with $18K OID.
Note matures May 30, 2025; five equal payments starting Jan 30, 2025; interest 12% per annum.
Upon default, note converts at 75% of market price (floor $0.18); 19.99% cap on conversion shares.
Prior investors waived participation rights in exchange for conversion rights and payment priority.
Proceeds for working capital; Spartan Capital received $9,375 placement fee.

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