Trio Petroleum Strikes $3.5 Million Financing Agreement

Trio Petroleum Corp. (TPET) has released an update to notify the public and investors about an entry into a material definitive agreement.

Trio Petroleum Corp. has secured a $3.5 million financing deal with an institutional investor, with an initial $1.86 million received after deducting fees and discounts. This first tranche included a senior secured convertible note and a stock purchase warrant. To facilitate quicker repayment, the company later amended the note to lower the minimum share price and issued additional shares to the investor. This strategic financial move aims to accelerate the repayment of the remaining $1 million of the note, leveraging the company’s stock under specified conditions.

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For a comprehensive understanding of the announcement, you can read the full document here.