CANEX Receives Partial Revocation of Cease Trade Order Imposed on Gold Basin From the British Columbia Securities Commission Allowing CANEX To Proceed With Making a Take-Over Bid To Acquire Gold Basin

Rhea-AI Summary

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.

Positive

• Partial revocation order allows CANEX to proceed with strategic acquisition of Gold Basin
• Extension provision to April 2026 provides flexibility for completing 100% acquisition
• Successfully acquired three mining claims for Louise Copper-Gold Project through share-based transaction

Negative

• Gold Basin remains under cease trade order for failing to file required disclosure documents
• Acquisition timeline constrained by January 31, 2026 deadline
• 1% net smelter return royalty obligation on Louise Project claims unless bought back for $500,000

CALGARY, AB / ACCESS Newswire / August 19, 2025 / CANEX Metals Inc. ("CANEX" or the "Company") (TSXV:CANX) is pleased to announce that the British Columbia Securities Commission ("BCSC") has issued an order (the "Partial Revocation Order") dated August 18, 2025, partially revoking the failure-to-file cease trade order (the "Cease Trade Order") issued against Gold Basin Resources Corporation ("Gold Basin") (TSX.V:GXX) on May 6, 2025 for failing to file certain outstanding continuous disclosure documents prescribed by applicable securities laws.

The Partial Revocation Order permits the Company to proceed with making an offer (the "Offer") to acquire all of the issued and outstanding common shares of Gold Basin by way of a take-over bid (the "Bid"), as previously disclosed in the news releases dated June 9, 2025 and July 31, 2025.

The Company intends to proceed with formally commencing the Bid this month upon receipt of a list of security holders from Gold Basin, and full details of the Offer will be included in a formal offer and take-over bid circular which will include a copy of the Cease Trade Order and the Partial Revocation Order. Under the terms of the Partial Revocation Order, Gold Basin shareholders will be able to tender their common shares solely in relation to the Bid. No other trading in the securities of Gold Basin is allowed until a full revocation order is granted with respect to the Cease Trade Order.

The Partial Revocation Order will expire on January 31, 2026; provided, however, that if more than 50% of the outstanding common shares of Gold Basin have been tendered to the Bid and taken up and paid for by the Company on or prior to January 31, 2026, the Partial Revocation Order will expire on April 30, 2026 to facilitate the acquisition by the Company of 100% of the issued and outstanding common shares of Gold Basin.

Dr. Shane Ebert President of the Company stated, "Now that we have received a partial revocation order from the BCSC and we are permitted to make a bid, CANEX intends to complete the final steps to launch a bid to acquire all of the issued and outstanding common shares of Gold Basin within the next two weeks."

Exchange Approval for Louise Property Claim Purchase
On July 31, 2025, CANEX announced the purchase of three mining claims internal to the Louise Copper-Gold Porphyry Project in British Columbia from a private vendor for total consideration of 400,000 common shares of the Company, with the vendor retaining a 1% net smelter return royalty which can be bought back by CANEX for $500,000. CANEX has now received conditional approval from the TSX Venture Exchange for the acquisition, and 400,000 common shares of the Company have been issued. Such common shares are subject to a hold period of four months plus one day from the date of issuance or December 19, 2025.

About CANEX Metals
CANEX Metals (TSXV:CANX) is a Canadian junior exploration company focused on advancing it's 100% owned Gold Range Project in Northern Arizona. With several near surface bulk tonnage gold discoveries made to date across a 4 km gold mineralized trend, the Gold Range Project is a compelling early-stage opportunity for investors. CANEX is also advancing the Louise Copper-Gold Porphyry Project in British Columbia. Louise contains a large historic copper-gold resource that has seen very little deep or lateral exploration, offering investors copper and gold discovery potential. CANEX is led by an experienced management team which has made three notable porphyry and bulk tonnage discoveries in North America and is sponsored by Altius Minerals (TSX:ALS), a large shareholder of the Company.

Dr. Shane Ebert P.Geo., is the Qualified Person for CANEX and has verified the data disclosed in this news release against historical and current data sources and has approved the technical disclosure contained in this news release.

"Shane Ebert"
Shane Ebert, President/Director

For Further Information Contact:
Shane Ebert at 1.250.964.2699 or
Jean Pierre Jutras at 1.403.233.2636
Web: http://www.canexmetals.ca

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "intends" and similar expressions, are forward-looking information that represents management of CANEX Metals Inc.'s internal projections, expectations or beliefs concerning, among other things, the intention to make the Offer; the anticipated timing of commencement of the Offer; and future operating results and various components thereof or the economic performance of CANEX. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause CANEX's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the risk that the Offer will not be commenced or that the transaction will not be consummated for any other reason; the ability to obtain regulatory approvals (including approval of the TSX Venture Exchange); and those described in CANEX's filings with the Canadian securities authorities. Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.

SOURCE: CANEX Metals Inc.

View the original press release on ACCESS Newswire

FAQ

What is the status of CANEX Metals' (TSXV:CANX) takeover bid for Gold Basin Resources?

CANEX received a partial revocation order from BCSC on August 18, 2025, allowing them to proceed with making a take-over bid for Gold Basin. The company plans to formally commence the bid within two weeks.

When does the partial revocation order for Gold Basin's cease trade order expire?

The partial revocation order expires on January 31, 2026, but will extend to April 30, 2026 if CANEX acquires over 50% of Gold Basin shares by January 31.

What mining claims did CANEX Metals acquire for its Louise Project?

CANEX acquired three mining claims internal to the Louise Copper-Gold Porphyry Project in British Columbia, issuing 400,000 common shares as consideration with a 1% NSR royalty.

Why was Gold Basin Resources under a cease trade order?

Gold Basin was placed under a cease trade order on May 6, 2025 for failing to file certain required continuous disclosure documents under applicable securities laws.

What are the terms of CANEX's Louise Project claim purchase?

CANEX issued 400,000 common shares with a four-month hold period ending December 19, 2025. The vendor retains a 1% NSR royalty that CANEX can buy back for $500,000.