Trio Petroleum Corp has announced news of its upcoming initial public offering, with a total of 2,000,000 shares of its common stock priced at $3.00 per share.
John Lowry of Spartan Capital notes the company anticipates gross proceeds of $6 million after considering underwriting discounts, commissions, and other offering expenses. Additionally, the underwriters have been granted a 45-day option to purchase up to 300,000 extra shares of Common Stock to cover over-allotments.
Starting from April 18, 2023, the common stock will be available for trading on The New York Stock Exchange American under the symbol “TPET.” The offering is set to conclude on April 20, 2023, subject to customary closing conditions, with Spartan Capital Securities, LLC serving as the sole book-running manager for the offering.
John Lowry of Spartan Capital says the proceeds from the offering will be utilized by Trio Petroleum Corp towards the drilling of wells, repayment of its debt, as well as working capital and general corporate purposes.
On April 17, 2023, the Securities and Exchange Commission declared a registration statement relating to these securities effective. The final prospectus related to the offering may be obtained from the SEC at www.sec.gov and Spartan Capital Securities, LLC.
Trio Petroleum Corp
Trio Petroleum Corp, which is based in Bakersfield, California, and specializes in oil and gas exploration and development, currently operates in Monterey County, California. It owns an 85.75% working interest in the approximately 8,600-acre South Salinas Project Asset, where the company is planning to commence drilling of its development well named HV-1, followed by drilling a second well named HV-2. The company already has permits in place to drill and produce these wells.