Trio Petroleum Corp. announced on January 16, 2025, that as of January 7, 2025, it had fully repaid senior secured convertible promissory notes with an aggregate principal of $1.6 million. These notes were issued in connection with two separate financings in April and June of 2024.
The full retirement of these notes also resulted in the termination of the security interest granted to the investors in all of Trio’s assets. Warrants issued in connection with the June 2024 financing remain outstanding.
Robin Ross, CEO of Trio, stated that the removal of this indebtedness from the balance sheet provides the company with the ability to grow its business, including reworking existing wells and developing new assets. This aligns with Trio’s long-term vision of creating value while managing risk and resources effectively.
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