Business
CANEX Metals Responds to Gold Basin Resources' Last-Minute Attempt to Transfer Material Property to a Related Party
CALGARY, AB / ACCESS Newswire / January 20, 2026 / CANEX Metals Inc. ("CANEX" or the "Company"...
About this update from Canex Metals Inc
[{"type":"text","content":"CANEX Metals Responds to Gold Basin Resources' Last-Minute Attempt to Transfer Material Property to a Related PartyCALGARY, AB / ACCESS Newswire / January 20, 2026 / CANEX Metals Inc. (\"CANEX\" or the \"Company\") (TSXV:CANX) issues the following response to Gold Basin Resources Corporation's (\"Gold Basin\") (TSX.V:GXX) news release dated January 19, 2026, where Gold Basin announced that it has granted security over a portion of its only material property, the Gold Basin Project in Mojave County, Arizona, to a related party. Despite this announcement, CANEX remains committed to its offer (the \"Offer\") to acquire all of the issued and outstanding common shares of Gold Basin and unlock value for Gold Basin and CANEX shareholders.Highlights:Gold Basin's January 19, 2026 news release has revealed their management's intention to transfer Gold Basin's only material property to a related party in a last-minute defensive tactic against the OfferCANEX remains undeterred in our commitment to the Offer. We will not abandon our bid and will work hard to preserve value for Gold Basin's shareholders (the \"Gold Basin Shareholders\") and look out for their interests, which align with our ownCANEX encourages all Gold Basin Shareholders to tender to the Offer before Gold Basin's management can further impair the value of Gold Basin's only material propertyCANEX is optimistic that we will achieve the 50% + 1 share minimum tenderrequirementshortly and take the steps needed to elect a highly qualified and experienced board of directors and pursue district consolidation and advancementThe Offer value equates to approximately $22,000,000 or roughly $0.163 per Gold Basin share based on CANEX's January 19, 2026 closing price. This value is far superior to the related party transactions put forward by Gold Basin's current management, and within three days of take-up, Gold Basin Shareholders could receive valuable and free trading shares of CANEXGold Basin's January 19, 2026 News ReleaseOn January 19, 2026, Gold Basin issued a news release announcing the updated terms of an unsecured loan in the amount of USD $500,000 at an interest rate of 15% per annum, received from Charrua Capital LLC (\"Charrua Capital\") in 2024 (the \"Loan\"). Charrua Capital has agreed to forbear exercising its rights and remedies under the Loan agreement until March 31, 2026...