Canex Metals Acquires 51.93% of Gold Basin and Seeks a Court-Appointed Annual General Meeting of Gold Basin Shareholders
CANEX Seizes Control of Gold Basin in Hostile Coup, Shifting Focus to Legal Clearance and District Consolidation
The most recent news (February 6, 2026) confirms that CANEX Metals Inc. has successfully acquired 51.93% of the outstanding shares of Gold Basin Resources Corp. (GXX) through its formal takeover bid. Having surpassed the 50.1% control threshold, CANEX is now moving to the "clean-up" phase of the acquisition. Because the current Gold Basin board has allegedly refused to engage in an orderly transition and is characterized by CANEX as "entrenched," CANEX has petitioned the Supreme Court of British Columbia for a court-appointed Annual General Meeting (AGM) to replace the GXX board. A hearing is scheduled for February 11, 2026. CANEX has already secured court orders to reinstate the transfer agent and restrain the target company from incurring new debt or disposing of assets without approval.
This is a material positive development that signifies the functional end of a year-long hostile pursuit. - Control Established: By securing 51.93%, CANEX now has voting control. The risk of the bid failing for lack of support is eliminated. - Strategic Validation: The success of the bid validates the strategy supported by lead investors Eric Fier and Michael Gentile, who funded the company’s treasury to see this consolidation through. - Legal Friction: While positive, the impact is tempered by the necessity of litigation. CANEX is forced to use the court system to exercise its rights as a majority shareholder because the target company is currently "non-compliant" and "cease-traded." - Asset Consolidation: This move finally allows for the combination of the Gold Range and Gold Basin properties into a single, large-scale oxide gold district in Arizona, which was the primary investment thesis.
CANEX Metals is a junior explorer focused on gold and copper-gold porphyry systems. - Flagship Project: The Gold Range Project (Arizona), now being consolidated with the adjacent Gold Basin Project. Together, they form a district-scale oxide gold target with historical resources and numerous bulk-tonnage targets. - Secondary Project: The Louise Copper-Gold Porphyry (British Columbia), which recently identified new deep-looking IP targets (West Louise and Louise Deep).