on CANEX Metals Inc. (CVE:CANX)
CANEX Extends Offer for Gold Basin Shares Amid Significant Shareholder Support
CANEX Metals Inc. announced strong support for its acquisition bid of Gold Basin Resources. The offer, initially set to expire, has been extended to January 19, 2026. This extension aims to mitigate delays caused by Gold Basin’s lack of a transfer agent, which has complicated shareholders' ability to tender shares. As of now, 47% of Gold Basin's shares have been deposited.
The offer comes with an implied premium of 221% based on recent trading prices, amounting to approximately $18 million. Despite Gold Basin’s management advising against the offer, CANEX remains optimistic, highlighting operational inefficiencies and financial issues within Gold Basin. The company has also waived the 66 2/3% tender condition, settling for a statutory 50% threshold.
CANEX also announced progress on its Louise Copper-Gold Porphyry project in British Columbia, with drill permitting underway.
R. P.
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