CANEX Metals Gains Support in Gold Basin Acquisition Bid

CANEX Metals Inc. reports significant momentum in its bid to acquire Gold Basin Resources. Within less than a month of the 105-day offer period, over 26% of Gold Basin shares are committed under Lock-Up Agreements. This marks a doubling of initial commitments. The offer, based on recent trading data, presents a premium exceeding 100% compared to pre-bid share prices. CANEX President Shane Ebert sees strong shareholder support as a positive step toward unifying and advancing both companies.

Gold Basin's management faces criticism for neglecting basic governance duties. Despite failing financial report timelines, missing shareholder meeting deadlines, and lacking essential administrative role fulfillments, the Gold Basin board has yet to make a formal statement or recommendation regarding the CANEX offer. There is a call from CANEX for the Gold Basin board to advise shareholders on the bid.