Canex Metals Stock Price, News & Analysis

CANEX Metals (TSXV:CANX) reports strong support for its acquisition offer of Gold Basin Resources (TSX.V:GXX), with over 26% of Gold Basin shares committed through Lock-up Agreements within 28 days of the 105-day bid period. The offer represents a premium exceeding 100% compared to Gold Basin's pre-cease-trade order price.

CANEX highlights significant governance issues at Gold Basin, including missed financial reporting deadlines, failure to hold annual shareholder meetings, lack of a transfer agent and auditors, and non-compliance with securities laws regarding the offer response. CANEX urges Gold Basin's board to recommend shareholders tender to the offer to move forward as a combined entity.

CANEX Metals (TSX.V:CANX) has officially launched its take-over bid for Gold Basin Resources Corporation (TSX.V:GXX) on August 28, 2025. The company has filed the necessary offer documents with Canadian securities regulators and will file with the SEC.

Notably, approximately 18% of Gold Basin shareholders have already committed to supporting the offer. The take-over bid aims to provide Gold Basin shareholders with a significant upfront premium and a clear path to liquidity. The offer documents will be distributed to Gold Basin securityholders and are available on SEDAR+ and CANEX's website.

CANEX Metals (TSXV:CANX) has received a partial revocation order from the British Columbia Securities Commission (BCSC) to proceed with its planned take-over bid of Gold Basin Resources (TSX.V:GXX). The order partially lifts a cease trade order imposed on Gold Basin on May 6, 2025, allowing CANEX to make an offer to acquire all outstanding Gold Basin shares.

The partial revocation order expires on January 31, 2026, but will extend to April 30, 2026 if more than 50% of Gold Basin shares are tendered and paid for by January 31. Additionally, CANEX received exchange approval and issued 400,000 common shares to acquire three mining claims at its Louise Copper-Gold Porphyry Project in British Columbia.

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.