CANEX Metals (TSXV: CANX) has been successful in their attempt at a hostile takeover of Gold Basin Resources (TSXV: GXX). The company this morning indicated that they have secured 51.93% of the outstanding shares of Gold Basin under the offer they previously made to shareholders.
With a majority of shares now deposited under the takeover bid made by Canex, the company has managed to secure a court order from the Supreme Court of British Columbia to prohibit current management of Gold Basin from incurring debt or impairing the assets.
The order follows a claimed attempt by Gold Basin to transfer material property to a related party. Canex in January issued a release stating that Gold Basin had granted security over a portion of its only material property to a related party in exchange for a loan of US$500,000 due March 2026. With no path to paying off the debt, Canex is claiming that the transaction was done as a means for the related party to take the asset from Gold Basin.
Moving forward, Canex has filed a petition for a shareholder meeting to be called. That petition, filed with the Supreme Court of British Columbia, has seen a hearing scheduled for February 11. The company, as the controlling shareholder, has stated that it has lost confidence in the Gold Basin board and is seeking to change leadership at the company.
Canex’s hostile offer, the process for which was launched in June 2025, values Gold Basin at an estimated $22.4 million, which translates to $0.166 per Gold Basin share. The hostile acquisition is part of a larger strategy to consolidate a large oxide gold camp in Northern Arizona.
Canex Metals last traded at $0.28 on the TSX Venture.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
