Dune Oil to Raise up to CA$8.3 Million Via Brokered, Best-Efforts LIFE Private Placement Offering

12:28 PM EDT, 10/30/2026 (MT Newswires) -- Dune Oil (DUNE.CN) plans to raise gross proceeds of up to CA$8.3 million through a brokered, best-efforts listed issuer financing exemption private placement offering of units of the company at a price of CA$0.10 each, it said Friday. Each unit will be made up of a share and a warrant entitling the holder to buy a share at an exercise price of CA$0.125 per share for a period of 36 months following the closing of the offering, the company said. "The net proceeds from the Offering is planned to be used for seismic and drilling on the Company's M47 Block, parts C3 and C4 ("M47"), onshore oil block in Turkiye, including i) re-entry of the C-2 well for deepening and testing, ii) a side-track deviated or lateral of the C-1 well, iii) an exploration well tentatively planned on the South prospect (subject to seismic results), and iv) about 40km of seismic works on the North discovery area and South prospect, settlement of existing indebtedness, working capital and general corporate purposes, as more particularly described in the offering document related to the Offering," a statement said. The closing of the offering, subject to the receipt of all necessary regulatory approvals, is expected to occur on or about Nov. 13, or on such date as the agents and company may agree upon, added the company. Shares of the company were last seen down CA$0.04, or 30.7%, at CA$0.09 on the Canadian Securities Exchange. Price: 0.09, Change: -0.04, Percent Change: -30.77