Trio Petroleum Corp. announced that it has entered into a Securities Purchase Agreement with an institutional investor that it has issued an unsecured promissory note to the Investor in the principal amount of $211,500, having an original issue discount of $27,000 or approximately 13% and pursuant to which the Company raised gross proceeds of $184,500 and received net proceeds of $164,500, after payment of offering expenses on March 27, 2024. Interest accrues on the Investor Note at a rate of 12% per annum and the maturity date of the Investor Note is January 30, 2025.

The Investor Note provides for five payments of principal and accrued interest which are payable, $118,440 on September 30, 2024; $29,610 on October 30, 2024; $29,610 on November 30, 2024; $29,610 on December 30, 2024; and $29,610 on January 30, 2025. The Company may prepay the Investor Note, in full and not in part, any time during the 180 day period after the issuance date of the Investor Note at a 3% discount to the outstanding amount of principal and interest due and payable; provided, that in the event of a prepayment, the Company will still be required to pay the full amount of interest that would have been payable through the term of the Investor Note, in the amount of $25,380.