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Mayfair Acquisition Corp. Announces Intention to Make a Securities Exchange Takeover Bid to Acquire All of the Outstanding Shares of Gold Basin Resources Corporation and Canex Metals Inc.
Vancouver, British Columbia--(Newsfile Corp. - March 21, 2025) - Mayfair Acquisition Corp. (TSXV:...
About this update from Mayfair Acquisition Corp.
[{"type":"text","content":"Mayfair Acquisition Corp. Announces Intention to Make a Securities Exchange Takeover Bid to Acquire All of the Outstanding Shares of Gold Basin Resources Corporation and Canex Metals Inc. Vancouver, British Columbia--(Newsfile Corp. - March 21, 2025) - Mayfair Acquisition Corp. (TSXV: MFA.P) (“Mayfair” or the “Company”) announces that it intends to make a securities exchange takeover bid (the “Proposed Offer”) to acquire all of the issued and outstanding shares of both Gold Basin Resources Corporation (TSXV: GXX) (“Gold Basin”) and Canex Metals Inc. (TSXV: CANX) (“Canex”) in exchange for common shares of the Company. The Proposed Offer is being made with the assistance of and facilitated by Discovery Group, an alliance of mineral exploration and development companies. Jim Paterson, a principal of Discovery Group has been appointed to the Company’s Board of Directors (subject to TSXV acceptance) in connection with the Proposed Offer. It is intended that Discovery Group representatives John Robins and Darren Klinck will also join the Company’s Board of Directors upon successful completion of the Proposed Offer. Messrs. Robins, Paterson and Klinck may be considered to be acting jointly and in concert with the Company in respect of the Proposed Offer. The Company believes that a regional (northern Arizona) consolidation of the precious metal assets of the two target companies will greatly benefit shareholders of all companies. With much-needed financing and management changes provided by the Company and Discovery Group, the resulting company will have the potential to become a successful gold exploration and development company, supported by Discovery Group’s team and investor network. For the purposes of the Proposed Offer, the Company will be valued solely based on its per share (post financing) net cash (working capital) value. Essentially, the Company is a cash financing vehicle to facilitate the combination of Gold Basin and Canex. Readers should note that Mayfair has not yet commenced a takeover bid and are encouraged to carefully review the Cautionary Statements below regarding the status of the Proposed Offer and the factors that may cause Mayfair not to formally make the Proposed Offer. Mayfair has determined to announce its...