Trio Petroleum Corp (NYSE:TPET) shares are trading lower on Monday. The stock is declining after President Trump announced in a Truth Social post the suspension of U.S. strikes on Iranian power generation and energy infrastructure for five days, subject to the outcome of ongoing discussions.

Also, last week, the company successfully raised $19,017,527 through its ATM program, resulting in net cash proceeds of $18,446,993.

This development positions Trio to accelerate expansion plans in Canada and the U.S., targeting larger oil and gas projects.

  • Total Funds Raised: $19,017,527 in gross proceeds under the ATM program.
  • Net Cash Proceeds: $18,446,993 after payment of commissions.
  • Share Sale: 19,202,455 shares of common stock sold.

The company expects the raised capital to support the acquisition of high-impact oil and gas projects producing between 500 and 1,000 barrels per day.

The company aims to advance workover opportunities across its existing assets, leveraging the current upward bias in oil prices driven by global energy demand.

TPET Raises $19M; Net $18.45M

Robin Ross, CEO of Trio Petroleum, emphasized the significance of this capital influx, stating that it provides a substantial opportunity for growth.

While acknowledging the volatility in oil prices, Ross expressed confidence in the company’s trajectory towards meaningful production and cash-flow growth.

Trio Petroleum’s expansion plans come as the company continues to navigate regulatory processes and operational challenges.

TPET Price Action: Trio Petroleum Corp shares were down 15.38% at $0.86 during regular trading hours on Monday, according to Benzinga Pro.

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