Trio Petroleum Corp. announced that it has entered into a securities purchase agreement with the two institutional investors to issue 2 Senior Secured 10% Original Issue Discount Convertible Promissory Note in the aggregate principal amount of $400,000 at a price of $360,000 for the gross proceeds of $360,000 and a warrant to purchase 744,602 shares of the company?s common stock, par value $0.0001 per share at an initial exercise price of $0.39525 per share of common stock, for total gross proceeds of $720,000 on June 27, 2024. The Notes are initially convertible into shares of Common Stock at a conversion price of $0.39525 per share.

The Notes do not bear any interest, except in the case of an Event of Default and the Notes mature on June 27, 2025. Upon the occurrence of any Event of Default, interest shall accrue on the Notes at a rate equal to 10% per annum or, if less, the highest amount permitted by law.