Dune Oil Corp ( CSE:DUNE , OTCQB:DUNXF , FRA:Z620 ) has signed an agreement for a brokered private placement of up to C$8.3 million to fund drilling and seismic work on its onshore oil block in Türkiye.
Vancouver-based Dune is working on the M47 Block, parts C3 and C4. The program includes re-entering the C-2 well for deepening and testing, a side-track of the C-1 well, a planned exploration well on the South prospect, and about 40 kilometres of seismic on the North discovery area and South prospect.
Dune holds a 29% working interest in M47. An independent evaluation effective Dec. 31, 2025 estimates the North Field at 27.6 million barrels of unrisked best-estimate contingent resources, company gross, or 22.3 million barrels risked. The C-1 and C-2 wells encountered significant net oil pay of 32.4-degree API light oil.
The company said the financing will leave it with positive working capital and a 12-month funded work program.
The offering consists of units priced at C$0.10, each comprising one common share and one warrant.
Each warrant allows the holder to buy one share at C$0.125 for 36 months after closing. The warrants become exercisable 60 days after closing, and Dune said it will use commercially reasonable efforts to list them on the Canadian Securities Exchange.
Investors on a president's list are expected to subscribe for up to C$2 million of the total.
Funds will also go to settling existing debt, working capital and general corporate purposes.
The units are being sold under the listed issuer financing exemption in all provinces except Quebec and will be free-trading on closing. Closing is expected by November 13, subject to regulatory approvals, including conditional approval from the exchange.
