Dune Oil Advances M47 Seismic Work, Settles TR1 Loan for US$3M Gain, and Upsizes Private Placement
- Dune has advanced US$200,000 to start nodal recording seismic work on the M47 Block and must pay another US$4.1 million by November 15, 2026 for the 2027 work program.
- Dune agreed to settle its TR1 Master Fund loan, retiring US$3,681,350 of debt and recording a US$2,977,125 net gain if payment is made by November 30, 2026.
- The seismic program is estimated at US$600,000 net to Dune, and the company expects the survey to identify additional drillable locations in the South Lead area and development locations in the North Lead.
- The private placement was upsized to up to CAD$4,000,000 at CAD$0.15 per unit, with up to 26,666,667 units and half-warrants exercisable at CAD$0.25, and is expected to close by October 20, 2026.
- Dune proposes a CAD$950,750 debt settlement with directors, officers, management and consultants by issuing 6,338,333 shares at CAD$0.15, subject to CSE approval and a four-month-and-one-day hold.