CANEX Metals Proposes Takeover Offer for Gold Basin Resources

CANEX Metals Inc. has announced its intention to acquire all outstanding shares of Gold Basin Resources. The offer values Gold Basin at $8.57 million, translating to a 41% premium on its shares based on pre-Cease Trade Order prices. CANEX plans to issue 122,414,332 shares in exchange, aligning with a proposed exchange rate of 0.871 CANEX share for each Gold Basin share. A non-brokered private placement aims to raise $1 million to fund the merger and exploration activities.

Combining the two companies will consolidate a significant oxide gold camp in Northern Arizona, promising enhanced exploration opportunities. CANEX President, Dr. Shane Ebert, emphasized that the merger would resolve Gold Basin's regulatory and solvency issues, enhancing shareholder value by consolidating a rich mineralized trend.

The offer is contingent on several regulatory approvals and conditions, outlined to ensure the transaction's viability and legality. The formal offer is expected to be filed by July 9, 2025. CANEX remains poised to withdraw the offer if defensive tactics are employed or financial disclosures fall short.