Company retires remaining Outstanding Convertible Investments
Trio Petroleum Corp (NYSE American: TPET) announced the full repayment of senior secured convertible promissory notes totaling $1.6 million as of January 7, 2025. These notes were issued to institutional investors through two separate financings in April and June 2024.
The June 2024 financing included both notes and warrants, with the warrants remaining outstanding. With the notes' retirement, the security interest granted to investors in Trio's assets has been terminated.
According to CEO Robin Ross, this debt clearance enables the company to pursue business growth through well reworking and new asset development. The company's strategy focuses on acquiring projects that either generate immediate cash flow or offer transformative growth potential through strategic investment.
Trio Petroleum Corp (NYSE American: TPET) ha annunciato il completo rimborso di note convertibili senior garantite per un totale di 1,6 milioni di dollari a partire dal 7 gennaio 2025. Queste note sono state emesse a investitori istituzionali attraverso due finanziamenti distinti nei mesi di aprile e giugno 2024.
Il finanziamento di giugno 2024 comprendeva sia note che warrant, con i warrant che rimangono in circolazione. Con il ritiro delle note, l'interesse di garanzia concesso agli investitori sugli asset di Trio è stato terminato.
Secondo l'amministratore delegato Robin Ross, la cancellazione di questo debito consente all'azienda di perseguire la crescita commerciale attraverso il lavoro sui pozzi e lo sviluppo di nuovi asset. La strategia dell'azienda si concentra sull'acquisizione di progetti che generano flussi di cassa immediati o che offrono un potenziale di crescita trasformativa attraverso investimenti strategici.
Trio Petroleum Corp (NYSE American: TPET) anunció el reembolso total de notas convertibles promisorios senior asegurados por un total de 1.6 millones de dólares a partir del 7 de enero de 2025. Estas notas se emitieron a inversores institucionales a través de dos financiamientos separados en abril y junio de 2024.
El financiamiento de junio de 2024 incluyó tanto notas como garantías, quedando las garantías pendientes. Con la cancelación de las notas, se ha terminado el interés de garantía otorgado a los inversores en los activos de Trio.
Según el CEO Robin Ross, esta eliminación de deudas permite a la empresa buscar el crecimiento empresarial a través de la reacondicionamiento de pozos y el desarrollo de nuevos activos. La estrategia de la empresa se enfoca en adquirir proyectos que generen flujo de efectivo inmediato o que ofrezcan un potencial de crecimiento transformador a través de inversiones estratégicas.
Trio Petroleum Corp (NYSE American: TPET)는 2025년 1월 7일 기준으로 총 160만 달러의 선순위 담보 전환사채를 전액 상환했다고 발표했습니다. 이 채권은 2024년 4월과 6월에 두 차례에 걸쳐 기관 투자자에게 발행되었습니다.
2024년 6월에 이루어진 금융 거래에는 채권과 보증서가 포함되었으며, 보증서는 여전히 유효합니다. 채권의 상환으로 Trio의 자산에 대해 투자자에게 부여된 담보권이 종료되었습니다.
CEO 로빈 로스에 따르면, 이 부채 청산은 회사가 우물 재작업 및 신규 자산 개발을 통해 비즈니스 성장을 추구할 수 있게 합니다. 회사의 전략은 즉각적인 현금 흐름을 생성하는 프로젝트나 전략적 투자를 통해 변혁적인 성장 잠재력을 제공하는 프로젝트를 인수하는 데 중점을 두고 있습니다.
Trio Petroleum Corp (NYSE American: TPET) a annoncé le remboursement intégral de billets à ordre convertibles garantis senior pour un montant total de 1,6 million de dollars à compter du 7 janvier 2025. Ces billets ont été émis à des investisseurs institutionnels à travers deux financements distincts en avril et juin 2024.
Le financement de juin 2024 comprenait à la fois des billets et des bons, ces derniers restant en circulation. Avec le remboursement des billets, le droit de garantie accordé aux investisseurs sur les actifs de Trio a été annulé.
Selon le PDG Robin Ross, cette suppression de la dette permet à l'entreprise de poursuivre sa croissance par la réfection de puits et le développement de nouveaux actifs. La stratégie de l'entreprise se concentre sur l'acquisition de projets générant des flux de trésorerie immédiats ou offrant un potentiel de croissance transformateur grâce à des investissements stratégiques.
Trio Petroleum Corp (NYSE American: TPET) gab die vollständige Rückzahlung von vorrangigen, gesicherten wandlungsfähigen Schuldverschreibungen in Höhe von 1,6 Millionen US-Dollar bekannt, die am 7. Januar 2025 fällig werden. Diese Schuldverschreibungen wurden im April und Juni 2024 in zwei getrennten Finanzierungsrunden an institutionelle Investoren ausgegeben.
Die Finanzierungsrunde im Juni 2024 umfasste sowohl Schuldverschreibungen als auch Optionen, wobei die Optionen weiterhin ausstehen. Mit der Rückzahlung der Schuldverschreibungen wurde das den Investoren eingeräumte Sicherungsinteresse an den Vermögenswerten von Trio beendet.
Wie CEO Robin Ross erklärte, ermöglicht die Tilgung dieser Schulden dem Unternehmen, das Geschäftswachstum durch die Neugestaltung von Bohrlöchern und die Entwicklung neuer Vermögenswerte voranzutreiben. Die Strategie des Unternehmens konzentriert sich auf die Akquisition von Projekten, die entweder sofortige Cashflow-Generierung oder transformative Wachstumschancen durch strategische Investitionen bieten.
- Full repayment of $1.6 million in convertible notes
- Termination of security interest in company assets
- Improved balance sheet flexibility for business growth
- Warrants from June 2024 financing remain outstanding, potentially causing future dilution
Insights
The retirement of
The termination of security interests previously held by investors over Trio's assets is particularly noteworthy, as it provides the company with greater operational flexibility and improved ability to secure future financing if needed. While the warrants remain outstanding and could still lead to future dilution, the removal of the convertible debt component significantly reduces the immediate dilution risk that typically accompanies convertible securities.
For a small-cap company with a market cap of approximately
Bakersfield, CA, Jan. 16, 2025 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: “TPET”, “Trio” or the “Company”), a California-based oil and gas company, announced that as of January 7,2025, the Company had fully repaid senior secured convertible promissory notes with an aggregate principal of
As previously reported in Current Reports on Form 8-K filed with the Securities and Exchange Commission on April 24, 2024 and June 28, 2024, these financings, provided by the Investors, included the issuance of the Notes and, with respect to the June 2024 financing, the issuance of warrants to the Investors. The Notes have been fully retired, and the security interest granted to the Investors in all of Trio’s assets has also been terminated. The warrants continue to be outstanding.
“This is a very significant development as the removal of this indebtedness from the Company’s balance sheet now affords the Company the ability to grow its business. This will include reworking existing wells and developing new assets. Trio’s focus remains on acquiring projects that generate immediate cash flow or offer transformative growth potential with strategic investment. We believe that this approach aligns with our long-term vision of creating exceptional value while managing risk and resources effectively,” stated Robin Ross Chief Executive Officer.
About Trio Petroleum Corp
Trio Petroleum Corp is an oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California, and Uintah County, Utah. In Monterey County, Trio owns an
Cautionary Statement Regarding Forward-Looking Statements
All statements in this press release of Trio Petroleum Corp (“Trio”) and its representatives and partners that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, when used in the preceding discussion, the words "estimates," "believes," "hopes," "expects," "intends," “on-track”, "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the Trio's control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors sections of the Trio reports filed with the Securities and Exchange Commission (SEC). Copies of such documents are available on the SEC's website, www.sec.gov. Trio undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Investor Relations Contact:
Redwood Empire Financial Communications
Michael Bayes
(404) 809 4172
michael@redwoodefc.com
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