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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
CALGARY, AB / ACCESS Newswire / August 19, 2025 / CANEX Metals Inc. ("CANEX" or the "Company")...
About this update from Canex Metals Inc
[{"type":"text","content":"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 BasinCALGARY, 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 th...