Dune Oil Announces New OTC Trading Symbol "DUNXF", Non-Brokered Private Placement Update, and Conference Attendance

Dune Oil raises new equity and settles debt via its private placement while its shares begin trading under a new OTCQB symbol.

Rhea-AI Summary

Dune Oil (DUNXF) began trading on the OTCQB under its new symbol "DUNXF" on September 14, 2026, while its CSE and Frankfurt symbols remain unchanged.

The symbol change is described as administrative and does not affect the company’s name, business, capital structure or require shareholder action. Dune also closed additional tranches of its non-brokered private placement, issuing 2,816,667 units at CAD$0.15 for gross proceeds of CAD$422,500 and 133,333 units to settle CAD$20,000 of debt with an arm’s length party. Each unit includes one share and one-half warrant, with whole warrants exercisable at CAD$0.25 for one year, subject to CSE approval and hold periods to December 26, 2026 and January 15, 2027. Proceeds will fund work on the M47 block in Türkiye and corporate purposes. The company will also present at the ArcStone-Kingswood Growth Summit on September 16, 2026.

Positive

• CAD$422,500 gross proceeds from 2,816,667 units at CAD$0.15 in new financing
• CAD$20,000 in outstanding debt settled through issuance of 133,333 units
• New OTCQB symbol DUNXF effective September 14, 2026, with no shareholder action required

Negative

• Issuance of 2,950,000 units in this tranche adds equity dilution for existing shareholders
• New securities carry hold periods until December 26, 2026 and January 15, 2027, limiting immediate liquidity
• Private placement and warrant exercise remain subject to applicable CSE approval

News Explained

Dune reports that the additional private-placement tranches have closed, but the Offering remains subject to any applicable approval from the Canadian Securities Exchange, so the disclosed financing is not presented as entirely free of that condition.

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Vancouver, British Columbia--(Newsfile Corp. - September 15, 2026) - Dune Oil Corp. (CSE: DUNE) (OTCQB: DUNXF) (FSE: Z62) ("Dune" or the "Company") is pleased to announce its new OTCQB symbol "DUNXF", the closing of additional funds under its private placement and conference attendance.

Symbol Change in US: DUNXF

Effective September 14, 2026, the Company's common shares began trading on the OTCQB market under the new symbol "DUNXF". The Company's CSE symbol (DUNE) and Frankfurt symbol (Z62) are unaffected. The change is administrative, does not affect the Company's name, business or corporate structure, and requires no action by shareholders; existing share certificates will not need to be exchanged.

Private Placement Update

The Company also announces that further to its previously announced non-brokered private placement (the "Offering"), as described in the Company's April 17, 2026, June 9, 2026 and July 29, 2026 news releases, it has closed additional tranches with the issuance of an aggregate of 2,816,667 units (the "Units") at $0.15 per unit for gross proceeds of CAD$422,500 and settled CAD$20,000 in outstanding debt with an arm's length party with the issuance of 133,333 Units. Each Unit is comprised of one common share of the Company (each, a "Share") and one-half of one share purchase warrant (each whole warrant, a "Warrant"), with each Warrant exercisable at a price of CAD$0.25 per share for a period of one year from the date of issuance.

The Shares and Warrants issued in connection with this tranche of the Offering are subject to hold periods until December 26, 2026 and January 15, 2027, in accordance with applicable securities laws and the policies of the Canadian Securities Exchange ("CSE"). The Offering remains subject to any applicable approval of the CSE. Proceeds from the Offering will fund the Company's ongoing work program on the M47 oil exploration block, investor relations activities, expenses, and general working capital and corporate purposes.

The securities referred to herein will not be, or have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

ArcStone-Kingswood Growth Summit

The Company will participate in the 3rd Annual ArcStone-Kingswood Growth Summit on September 16, 2026, in Toronto. Management will discuss the Company's M47 oil exploration project, planned milestones and growth strategy, and participate in one-on-one investor meetings. https://www.arcstoneglobalsecurities.com/growth-summit-2026.

About Dune Oil Corp.

Dune Oil Corp. is a Canadian oil exploration company focused on Türkiye. The Company holds a 29% working interest in the M47 oil exploration block (C3 and C4 licences) located in the Cudi-Gabar petroleum province of southeastern Türkiye. More information may be found on www.sedarplus.ca and on the Company's website at www.duneoil.ca.

Requests for further information should be directed to:
Scott Lower, President and Chief Executive Officer
Brian Park, VP Finance

Dune Oil Corp.
Suite 700, 838 West Hastings Street
Vancouver, B.C., V6C 0A6
Phone: 1-778-819-1585
Email: info@duneoil.ca
Website: www.duneoil.ca

Cautionary Statement Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws, including statements regarding the completion and CSE approval of the Offering; the anticipated use of proceeds from the Offering; and the Company's participation in and expected benefits from the ArcStone-Kingswood Growth Summit. This information reflects the Company's current expectations and is subject to risks and uncertainties, including the risk that the Offering is not completed on the terms described or at all; the risk that regulatory approval of the CSE is not obtained; the risk that the use of proceeds differs from that currently anticipated; and Türkiye regulatory, financing and currency risks. Readers should not place undue reliance on forward-looking information, which is made as of the date hereof; the Company disclaims any obligation to update it except as required by applicable securities law.

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314493

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does each Dune Oil private placement unit consist of?

Each Unit consists of one common share of Dune Oil and one-half of one share purchase warrant. Each whole Warrant is exercisable at a price of CAD$0.25 per share for a period of one year from the date of issuance.

What are the hold periods for the shares and warrants issued in this tranche?

The shares and warrants issued under this tranche of the Offering are subject to hold periods until December 26, 2026 and January 15, 2027, in accordance with applicable securities laws and Canadian Securities Exchange policies.

How will Dune Oil use the proceeds from the private placement?

Proceeds will fund Dune Oil’s ongoing work program on the M47 oil exploration block in Türkiye, investor relations activities, expenses, and general working capital and corporate purposes, as stated by the company.

When and where will Dune Oil present at the ArcStone-Kingswood Growth Summit?

Dune Oil will participate in the 3rd Annual ArcStone-Kingswood Growth Summit on September 16, 2026, in Toronto, where management will discuss the M47 project, planned milestones, growth strategy, and hold one-on-one investor meetings.