Dune Oil Corp ( CSE:DUNE , OTCQB:DUNXF , FRA:Z620 ) has agreed to settle a US$3.68 million loan with TR1 Master Fund, which it expects to record as a US$2.98 million net gain, the company said on Thursday.
The loan dates to July 2023. Dune expects to pay the settlement amount by the end of November, 2026, and has conditionally agreed to settle all its claims against TR1.
Separately, Dune advanced US$200,000 to begin seismic work on the M47 oil block in southeastern Türkiye. The program is budgeted at an estimated US$600,000 net to Dune.
The contractor was chosen after several bids were evaluated, and the survey will use nodal recording technology.
"Selecting the seismic contractor and commencing work moves the program from tender to execution," CEO Scott Lower said.
"The survey is designed to clarify subsurface faulting and traps, and provide other useful data. Once interpreted, these results will be used to set out drilling programs for 2027."
Under a revised farm-in agreement, Dune will advance US$4.1 million for the 2027 post-seismic work program on or before November 15. No further payments are due until November 2027.
Dune also increased its non-brokered private placement to up to C$4 million, including amounts closed to date and debt settlements. It will issue up to 26,666,667 units at C$0.15 each. Each unit comprises one share and half a warrant, with each whole warrant exercisable at C$0.25 for one year.
The placement is expected to close by October 20 and is subject to Canadian Securities Exchange approval.
Shares of Dune Oil were up around 10% on Thursday in Canada and the US.
