Trio Petroleum extends maturity dates of convertible promissory notes and amends conversion prices

Trio Petroleum Corp

On September 16, 2024, Trio Petroleum entered into amendments with two institutional investors to extend maturity of April 2024 Notes from September 16 to October 16, 2024.
The amendments set a conversion price floor of $0.15 per share for the April 2024 Notes, based on 5-day average closing price.
Trio also amended June 2024 Convertible Promissory Notes to change conversion price to 5-day average closing price with a floor of $0.12 per share.
The institutional investors agreed to forbear from exercising remedies for non-payment on September 16, 2024, under the amendments.
The April 2024 Notes originated from $720,000 in total financing, with $25,000 repaid in August 2024.

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