Trio Petroleum (NYSEAMERICAN:TPET) Signs Amendment and Exchange Agreements

On January 28, 2025, Trio Petroleum Corp. filed an 8-K form with the U.S. Securities and Exchange Commission, revealing significant developments in its financial agreements. The company reported the signing of an Amendment No. 1 to its Promissory Note and a Note Exchange Agreement with an institutional investor.

The initial Securities Purchase Agreement (SPA) executed on August 6, 2024, resulted in Trio Petroleum raising gross proceeds of $225,000, yielding net proceeds of $199,250 after expenses. As part of this financing, the company issued an Investor Note for $255,225 with an interest rate of 12% and a maturity date of May 30, 2025. The Investor Note was structured to be repaid in five installments, with the first repayment of $142,926 due on January 30, 2025.

The recently signed Note Amendment extends the payment schedule of the Investor Note. According to the revised terms, the remaining installments of $35,731.50 each will now be due on February 28, March 30, April 30, May 30, and June 30, 2025.

Moreover, Trio Petroleum also entered into a Note Exchange Agreement on the same date, detailing a plan to exchange the outstanding balance of the Investor Note, amounting to $285,852, for shares of its common stock. The number of shares will be determined by dividing $285,852 by the product of the lowest closing price of the Common Stock on the NYSE American for the ten trading days prior to February 10, 2025, and 75%.

Both the Note Amendment and the Note Exchange Agreement have been included as exhibits within the Form 8-K filing for further reference. The Exchange Agreement will be considered an exempt transaction under Section 3(a)(9) of the Securities Act of 1933.

For further details, interested parties can refer to the official filing on the SEC’s website. Trio Petroleum Corp., listed as an emerging growth company, continues to navigate and adapt its financial arrangements to support its operational and strategic objectives efficiently.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Trio Petroleum’s 8K filing here.

About Trio Petroleum

Trio Petroleum Corp. operates as an oil and gas exploration and development company. The company's flagship project comprises the 85.75% owned working interest in the South Salinas project that consists of approximately 9,300-acre located in Monterey, California. It also owns 22% working interest in the McCool Ranch Oil Field located in Monterey County, California; 2% production interest in the Asphalt Ridge project comprises approximately 960 acres located in southwest of Vernal, Utah; and holds an option agreement to acquire 100% working interest in the Union Avenue Field located in Bakersfield, California.