Canex Metals Stock Price, News & Analysis

CANEX Metals (OTC:NOMNF) has announced significant findings from its induced polarization (IP) geophysical survey at the Louise Copper-Gold Porphyry Project in British Columbia. The survey revealed two major new targets: the West Louise Target, located 2km west of the historic Louise deposit, and the Louise Deep Target, positioned below the historic deposit.

The West Louise Target shows similar characteristics to the historic Louise deposit, spanning 600 meters wide by 400-500 meters deep and extending at least 800 meters along strike. The Louise Deep Target extends to 1000 meters below surface and could represent the main body of the Louise Porphyry system.

Additionally, CANEX has expanded its presence by purchasing three internal claims through a 400,000 share issuance and staking an additional 4.8 kilometers of strike length along the geophysical trend.

CANEX Metals (TSX.V:CANX) has successfully closed its non-brokered private placement, raising gross proceeds of $1,300,000.90 through the issuance of 23,636,380 common shares at $0.055 per share. The shares are subject to a four-month plus one-day hold period.

Company insiders participated in the placement, purchasing 1,139,054 common shares. The proceeds will be used to advance district consolidation opportunities, fund exploration at the Gold Range and Louise projects, and for working capital purposes.

CANEX Metals (NOMNF) has increased its previously announced non-brokered private placement due to strong investor demand. The company will now offer up to 23,636,364 common shares at $0.055 per share, aiming to raise gross proceeds of up to $1,300,000. The shares will be subject to a four-month plus one-day hold period from closing. The financing requires TSX-V and regulatory approval. The proceeds will be used to advance district consolidation opportunities, exploration at the Gold Range and Louise projects, and general working capital. No commissions will be paid to investment dealers, and the company has relied on MI 61-101 exemptions as the private placement value is below 25% of market capitalization.

CANEX Metals (TSXV:CANX) announces plans to acquire Gold Basin Resources (TSX.V:GXX) in an all-share transaction valued at $8.57 million, representing a 41% premium to Gold Basin's pre-cease trade order share price. The offer would involve issuing 122,414,332 CANEX shares at a 0.871 exchange ratio per Gold Basin share. The merger aims to consolidate a significant oxide gold camp in Northern Arizona, combining CANEX's Gold Range property with Gold Basin's assets. Simultaneously, CANEX announces a $1 million non-brokered private placement at $0.055 per share. The takeover bid faces several challenges, including Gold Basin's current regulatory issues, cease trade order, and financial concerns. CANEX plans to file the formal offer by July 9, 2025, with a 105-day acceptance period.

CANEX Metals (NOMNF) has announced plans to begin a district-scale deep-looking induced polarization (IP) survey at its Louise Copper-Gold Porphyry Project in British Columbia around May 15th. The fully funded survey will cover a 7-kilometer strike length and image up to 1,000 meters deep. The Louise project contains a historic resource of 924,333 ounces of gold and 658 million pounds of copper (inferred), plus 183,902 ounces of gold and 132 million pounds of copper (indicated). Additionally, CANEX addressed a potential merger situation with Mayfair Acquisition Corp., which has made an unsolicited offer to acquire both CANEX and Gold Basin Resources. CANEX's management expressed support for consolidating their properties with Gold Basin's assets to unlock shareholder value.

CANEX Metals has received notice that Mayfair Acquisition Corp (TSX.V:MFA.P) plans to make an unsolicited offer to acquire all shares of both CANEX and Gold Basin Resources (TSX.V:GXX) in an all-share transaction. The proposed consolidation aims to combine both companies' Arizona gold assets under a company sponsored by the Discovery Group.

No formal offer has been received yet. CANEX's Board of Directors and management have committed to reviewing any proposal thoroughly once received and will provide a public statement accordingly. The company currently maintains a neutral stance and will not speculate on potential future actions.

CANEX Metals has received an exploration permit for conducting geophysical surveying at the Louise Copper-Gold Porphyry project in British Columbia. The permit allows for 56-line kilometres of ground-based induced polarization surveying, which is fully funded and scheduled for Spring 2025.

The deep-looking survey will cover an area up to 1000 metres deep by 6-7 kilometres along strike, evaluating unexplored areas below and lateral to the known Louise copper-gold resource. Local First Nation groups have expressed support for the project, with one group signing a Communication and Engagement Agreement.

The Louise property hosts a copper-gold deposit defined over an area 1000 meters long by 400 meters wide to approximately 300 meters depth. Historic drilling highlights show strong grades within the porphyry system, with intercepts including 204 meters of 0.57% CuEq and 170.5 meters of 0.41% CuEq.

CANEX Metals has completed the final tranche of its non-brokered private placement, raising gross proceeds of $437,000. The financing consisted of 3,000,000 common shares at $0.045 per share and 5,033,365 flow-through shares at $0.06 per share. The proceeds will advance the Louise copper-gold porphyry project in British Columbia and the Gold Range oxide gold project in Arizona. The company highlighted strong insider participation at 9.2% and granted 5,200,000 incentive stock options at $0.05 per share. The financing was completed at a premium to market price without warrants.

CANEX Metals has closed the first tranche of its non-brokered private placement, raising $386,999.92 through the issuance of 2,444,445 common shares at $0.045 per share and 4,616,665 flow-thru shares at $0.06 per share. The second tranche is expected to close next week. The financing, conducted at a premium without warrants, saw strong insider participation with insiders purchasing 111,108 Common Shares and 583,335 FT Shares. Proceeds will fund exploration at the Louise copper-gold porphyry system in British Columbia and advance the Gold Range Project in Arizona. The shares are subject to a hold period until March 15, 2025.