16/08/2024 | Press release | Distributed by Public on 16/08/2024 19:01
Item 1.01. Entry into a Material Definitive Agreement.
As reported in Trio Petroleum Corp.'s (the "Company") Current Report on Form 8-K, filed with the Securities and Exchange Commission (the "Commission") on April 25, 2024, on April 24, 2024, the Company amended certain financing provided by an institutional investor on April 16, 2024, to add an additional institutional investor for total financing in the amount of $720,000, pursuant to which the Company issued two Senior Secured Convertible Promissory Notes in the aggregate principal amount of $800,000 (the "Notes").
As reported in the Company's Current Report on Form 8-K, filed with the Commission on August 8, 2024, on August 6, 2024, in consideration for obtaining waivers from the two institutional investors, in connection with certain additional financing, the Company repaid $25,000 of the outstanding principal balance of each of the Notes.
On August 14, 2024, the Company entered into two letter agreements with identical terms with the two institutional investors (the "Note Amendments") extending the maturity dates of the Notes from August 16, 2024 to September 16, 2024 and providing for the accrual of interest on the outstanding principal balance of the Notes at a rate of 15% per annum until the Notes are repaid.
The above description of Note Amendments is qualified in its entirety by the Note Amendments, a copy of the form of which is attached as Exhibit 10.1 to this Current Report on Form 8-K.