CANEX Metals Secures Strategic Financing for Gold Basin Acquisition

CANEX Metals Inc., a junior exploration company, has successfully closed a $3 million strategic financing. The financing involved the issuance of 20 million common shares, priced at $0.15 each, resulting in gross proceeds of $3 million. A significant highlight from this development is the participation of Eric Fier, who has become the largest shareholder, now holding a 10% stake in CANEX, making him an insider of the company.

This financial boost is perceived as a critical step in eliminating financial risks related to CANEX's offer to acquire Gold Basin Resources Corporation. The offer implies a premium of 183% over the shares' closing price prior to a cease-trade order. The acquisition aims to consolidate a gold district in Northern Arizona and the support from key investors like Michael Gentile and Eric Fier has fueled momentum.

Approximately 44% of Gold Basin shareholders have tendered their shares to the offer, reflecting growing support. The proceeds will fund exploration activities in Arizona and support ongoing projects, such as the Gold Range and Louise projects.