Trio Petroleum Corp

Signed and immediately closed a third, separate deal with Novacor Exploration -- another CD$1 million (~US$730,300) Canadian asset purchase, this time paid entirely in 912,875 shares with no cash component.

asset acquisition disposition

Agreed to a second Canadian acquisition -- Alberta mineral leases from Capital Land Services Ltd. for CD$150,000 cash plus CD$150,000 in shares -- contingent on a separate receivership-related transaction (Revitalize Energy Inc., under PwC as court-appointed receiver) closing first.

material agreement

Raised $1.2 million from three institutional investors via unsecured convertible notes (15% OID, $1.02 million net), with a new placement agent (Ladenburg Thalmann, replacing Spartan on this deal) and restrictive covenants requiring 25% of any future equity-financing proceeds go toward repaying these notes.

capital raising announcement

Walked away entirely from the McCool Ranch related-party deal with Trio Petroleum LLC, mutually terminating it with no refund of the money already paid -- the October 2023 insider transaction failed to pan out.

material agreement termination

Closed the Novacor Lloydminster acquisition in full (US$650,000 total: cash plus 526,536 shares) and separately amended its bylaws to lower the shareholder-meeting quorum to just one-third of voting power.

asset acquisition disposition

Signed a non-binding LOI to acquire Heavy Sweet's separate 2,000-acre P.R. Spring, Utah acreage for $150,000 upfront plus 1,492,272 shares and $850,000 cash at closing, contingent on its existing Asphalt Ridge wells reaching 40 barrels/day sustained production by May 2026. (This filing's cover page lists TPET as trading on Nasdaq rather than NYSE American -- inconsistent with every surrounding filing and likely a template error, not an actual listing change; logged as an issue.)

material agreement

Opened a new convertible note ($321,176 face, 15% OID) that it amended and restated four days later to $712,941 face / $606,000 funded, at a $0.48 conversion floor, maturing October 2025 -- financing the Canadian expansion.

capital raising announcement

Made its first international move: formed subsidiary Trio Petroleum Canada Corp to buy Novacor Exploration Ltd.'s heavy-oil assets in Lloydminster, Saskatchewan, funding the purchase with a US$1,131,000, 3-year, 12% loan from the parent company to the new subsidiary.

asset acquisition disposition

NYSE American halted trading in TPET on November 5, 2024 over its sustained low share price; the company resolved it with a 1-for-20 reverse stock split effective November 14, 2024, and trading resumed the next day.

listing compliance notice

A three-part filing: extended the personal loan from Michael Peterson -- now described as a consultant and former CEO, confirming a leadership change since his April 2024 loan -- to October 28, 2024 for a $5,000 fee; opened a new $4.8 million at-the-market equity sales facility with Spartan Capital Securities; and extended the Heavy Sweet option again, to December 10, 2024.

material agreement

Raised $720,000 from two more institutional investors via matching $400,000, 10%-OID convertible notes and warrants at $0.39525/share -- and gave both investors the right to participate in up to 100% of any future debt financing.

capital raising announcement

Dismissed BF Borgers CPA PC as auditor -- timing that coincides with the SEC's May 2024 enforcement action barring BF Borgers from public-company audit work industry-wide, though this filing itself cites only routine reasons (no disagreements; going-concern doubt already flagged in its prior reports).

auditor change

Raised another $360,000 gross ($310,000 net) via a new $400,000 senior secured convertible note (10% OID, $0.25 conversion price, 750,000 commitment shares), maturing August 2024.

capital raising announcement

Paid off both tranches of the October 2023 financing in full by issuing 8,926,664 shares at the $0.15 floor price plus a 3% premium -- closing out that note, at a heavy dilution cost.

material agreement

Opened a new, much smaller and far harsher note -- $184,500 gross, a $211,500 face amount (13% OID), 12% interest -- convertible at the lower of 25% of market price or a $0.07117 floor, reflecting how much tougher its financing terms had become in just months.

material agreement

CEO Michael Peterson personally lent the company $125,000 (10% interest, due September 2024) and had the vesting of 1,000,000 of his own restricted shares accelerated as extra consideration -- the company's first insider loan.

material agreement

Received a NYSE American notice for falling out of compliance with the exchange's minimum-price listing standard; trading continued under a compliance plan due by August 26, 2024.

listing compliance notice

Amended the October note again, cutting its conversion floor from $0.35 to $0.15 and issuing 2,395,611 more shares in lieu of a cash payment -- deepening dilution just four months after the original financing.

material agreement

Took an option (from Heavy Sweet Oil LLC) to acquire up to 20% of production from 960 acres of long-developed Uinta Basin, Utah oil leases -- a $5 million, three-well development plan -- and, per this filing, Heavy Sweet struck a parallel deal with Lafayette Energy Corp, a company where Trio's own CEO Michael Peterson also serves as CEO; funded $200,000 toward the option in a December 2023 amendment.

material agreement

Closed the second tranche of October's note financing, but only after cutting the conversion and warrant prices from $1.20 to $0.50 -- a $550,000 note plus 445,561 warrants at the new price, another sign of a falling stock.

capital raising announcement

Agreed to buy a 21.9% undivided interest in the McCool Ranch Oil Field from Trio Petroleum LLC -- a company owned by Trio's own Chairman, President and COO -- for $100,000 upfront plus up to $400,000 more if a water-disposal-well refurbishment succeeds; the deal was reviewed and negotiated by an independent Special Acquisitions Committee with the insiders recused.

material agreement

Opened its first convertible note financing -- up to $3.5 million in two tranches -- funding the first ($2 million note, $1.86 million net after 7% OID) alongside a warrant on 866,702 shares at $1.20, both priced at $1.20/share.

capital raising announcement

Signed a drilling contract with Ensign United States Drilling to drill and complete the HV-1 confirmation well at Presidents Oilfield (part of the flagship South Salinas Project), ~$18,250/day, starting May 3, 2023; also hired Apollo Shareholder Relations for investor communications.

material agreement

Completed its IPO on NYSE American (ticker TPET): 2,000,000 shares at $3.00 via underwriter Spartan Capital Securities, with a 45-day over-allotment option on 300,000 more, a 7.5% underwriting discount, and a representative's warrant on 115,000 shares -- proceeds earmarked for drilling wells.

material agreement

the exchange certified Trio Petroleum Corp's securities for listing, clearing them to begin trading.

listing compliance notice