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CANEX Announces Intention to Make a Takeover Bid to Acquire All of the Outstanding Shares of Gold Basin Resources
Announces $1,000,000 Financing NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMI...
About this update from Canex Metals Inc
[{"type":"text","content":"CANEX Announces Intention to Make a Takeover Bid to Acquire All of the Outstanding Shares of Gold Basin ResourcesAnnounces $1,000,000 FinancingNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. CALGARY, AB / ACCESS Newswire / June 9, 2025 / CANEX Metals Inc. (\"CANEX\" or the \"Company\") (TSXV:CANX) announced today that it intends to make a formal offer (the \"Offer\") to acquire all of the issued and outstanding shares of Gold Basin Resources Corporation (\"Gold Basin\") (TSX.V:GXX) in an all-share transaction. CANEX is also announcing a non-brokered private placement of up to $1,000,000 to advance the merger opportunity and for exploration and general working capital.Intention to Make a PREMIUM Offer for Gold BasinOur proposed offer values Gold Basin at $8.57 million based on CANEX's closing price on June 6, 2025, implying a roughly 41% premium to the closing price of Gold Basin's shares on the TSX-V prior to the May 6, 2025 cease trade order against Gold Basin's shares issued by the British Columbia Securities Commission (\"Cease Trade Order\"). This offer values Gold Basin and CANEX equally based on the 30-day volume weighted average of CANEX's and Gold Basin's shares immediately prior to the Cease Trade Order, and would result in CANEX issuing 122,414,332 shares at an estimated exchange rate of 0.871 CANEX share for each Gold Basin share (ratio is inclusive of the announced financing). Based on the 30-day volume weighted average price of Canex's shares as of June 6, 2025 and the 30-day volume weighted average price of Gold Basin's shares prior to the Cease Trade Order, our proposed offer implies a roughly 21% premium.Consolidation OpportunityThe proposed combination of the two companies would consolidate a large oxide gold camp in Northern Arizona and open up near-term value potential for CANEX and Gold Basin shareholders.Dr. Shane Ebert, President of the Company stated, \"Following our efforts to constructively engage with Gold Basin which date back to 2023, we were disappointed that Gold Basin's management prevented its shareholders from considering our premium proposals. Given the urgent regulatory and solvency challenges Gold Basin is currently facing, we have determined that the best course now is for all Gold Basin shareholders to be made aware of the very attractive terms propo...