Trio Petroleum Corp (TPET): debt financing — Trio Petroleum Corp closes $1.2M convertible note financing

Trio Petroleum Corp

Issued three unsecured convertible notes with aggregate principal of $1.2M to institutional investors; net proceeds $928,600 after fees.
Notes mature February 15, 2026; conversion price lesser of $1.32 or 90% of 5-day VWAP, floor $0.72 (subject to reduction to $0.22).
Maximum shares issuable upon conversion capped at 1,679,127 (19.99% of outstanding).
Registration rights agreement requires filing within 20 trading days, effectiveness within 60 days; 1% monthly liquidated damages for delays.
Company cannot enter into variable rate transactions or certain equity-linked securities without majority consent until notes repaid/converted.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Trio Petroleum Corp incurred convertible notes of aggregate principal amount of $1,200,000 with three institutional investors maturing February 15, 2026.

Instrument: convertible notes
Principal: aggregate principal amount of $1,200,000
Counterparty: three institutional investors
Maturity: February 15, 2026
Event: incurrence

Exact text from the filing

On August 15, 2025, Trio Petroleum Corp (the “Company”) closed a private placement pursuant to which it issued a series of three (3) Unsecured Convertible Promissory Notes (the “Notes”) to three institutional investors (the “Investors”) in an aggregate principal amount of $1,200,000

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Trio Petroleum Corp filing history →

Source: SEC EDGAR

accession 0001493152-25-012110

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