CANEX Closes Oversubscribed $9.5 Million Equity Financing
Canex raised $9.5m to fund drilling at its Arizona project, shifting focus from takeover to exploration.
Canex Metals Inc. announced the closing of an oversubscribed non-brokered private placement, raising C$9,545,870. The financing consists of 22,841,286 common shares at $0.35 and 2,873,000 Charity Flow-Through shares at $0.54, bringing the total shares issued to 25,714,286. Lead investor and largest shareholder, Mr. N. Eric Fier, contributed C$3 million to the transaction.
Proceeds are allocated to exploration, drilling, and pre-development at the Gold Basin/Gold Range (Arizona) and Louise (British Columbia) projects, remaining acquisition obligations for Gold Basin Resources, and general working capital. The transaction relies on NI 61-101 exemptions and carries a four-month hold period. Management stated that the financing enables a transition from a year-long M&A phase into an aggressive exploration and drilling phase.
Canex Metals Inc. (CANX) closed its financing on September 8, a transaction that had already been priced into the market following the initial announcement. The deal saw oversubscription and strong participation from strategic insiders, including Eric Fier, reflecting confidence in the company’s transition to the exploration phase.
The capital injection significantly improves the balance sheet, moving from a reported working capital deficit of $1.24 million as of June 30, 2026, to a cash position of approximately $10.2 million post-closing. While the news is incremental and expected, it successfully de-risks the immediate operational timeline and funds the critical Q4 2026 drilling programs.
Canex Metals Inc. (CANX) is a pre-revenue mineral exploration company focused on gold and copper-gold projects in North America. Its flagship asset is the Gold Basin/Gold Range Project in Northern Arizona, a consolidated district featuring mineralized trends exceeding 8 kilometers with multiple known zones and historic oxide gold production. The property was previously permitted for an open-pit heap leach operation in the late 1980s.
The company also holds the Louise Copper-Gold Porphyry Project in British Columbia, which contains a large historic resource with new geophysical targets identified below and lateral to historic mineralization. Currently in an advanced exploration and pre-resource stage, management is shifting its focus from corporate consolidation to field exploration and drilling.