secwatch.observer — SEC 8-K summary
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Issuer:     Trio Petroleum Corp (TPET)
CIK:        0001898766
Form:       8-K
Filed at:   2024-08-05T23:59:59+00:00
Accession:  0001493152-24-030287
Event type: debt
Sentiment:  negative
Materiality: 0.55
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1898766/000149315224030287/0001493152-24-030287-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1898766/000149315224030287/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-030287

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