Canex Metals Stock Price, News & Analysis

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.

CANEX Metals has increased its non-brokered private placement due to strong shareholder demand. The company will now offer up to 3,000,000 common shares at $0.045 each and up to 5,250,000 flow-through common shares at $0.06 each, for gross proceeds of up to $450,000.

Proceeds from the flow-through shares will be used for exploration at the Louise Property before December 2025, qualifying as 'critical mineral flow through mining expenditures' under the Income Tax Act. Non-flow through proceeds will advance the Gold Range Project and provide working capital.

The private placement is open to accredited investors, with a four-month plus one day hold period on securities issued. The financing is subject to TSX Venture Exchange and regulatory approval. No commissions will be paid to agents on this financing.

CANEX Metals Inc. (NOMNF) has announced a non-brokered private placement to raise up to $300,000 for advancing copper-gold exploration at its Louise property in British Columbia. The financing will consist of up to 777,778 common shares at $0.045 and up to 4,416,667 flow-through common shares at $0.06.

The funds will primarily support a modern deep-looking induced polarization survey to explore the Louise copper-gold porphyry system across 6 to 7 kilometres of strike length and depths up to 1000 metres. The Louise porphyry hosts a copper-gold deposit drill-defined over an area 1000 meters long by 400 meters wide and to approximately 300 meters depth, with notable grades including 158 metres grading 0.41% copper and 0.40 g/t gold in hole LL04-03.

Proceeds from the flow-through shares will be used for Canadian exploration expenses at the Louise Property, qualifying as critical mineral flow-through mining expenditures. Non-flow-through proceeds will advance the Company's Gold Range Project and general working capital.

CANEX Metals Inc. has presented drill data compilation results from the Louise Cu-Au Porphyry project in British Columbia. The historic drilling has identified a mineralized zone measuring 1000 metres long by 400 metres wide, extending to a depth of approximately 300 metres. Notably, hole LL04-03 returned an interval of 158 metres grading 0.41% copper and 0.40 g/t gold starting at 53.5 metres downhole.

The company proposes a deep-looking induced polarization (IP) survey that could potentially explore up to 1000 metres deep across 6 to 7 kilometres of strike length. This survey is considered important for evaluating the discovery potential of the Louise project. CANEX believes there is excellent discovery potential laterally and vertically surrounding the known copper-gold zone.