CANEX Metals Inc. reports corporate and mineral-property developments centered on its ownership position in Gold Basin Resources Corporation. Company news has covered its take-up of Gold Basin shares under an all-share offer, its role as controlling shareholder, and related shareholder-meeting, proxy, court-order, and governance matters involving Gold Basin.
Updates also address Gold Basin property issues, including liabilities, loan and settlement matters, asserted joint-venture interests, regulatory-compliance concerns, and developments tied to an oxide gold district in northern Arizona. The recurring news themes are corporate control, mineral-asset preservation, shareholder actions, and the resolution of disputes affecting Gold Basin and its project interests.
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 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.