CANEX Announces Gold Basin Resources Shareholders Approve Merger Arrangement With CANEX With 75.82% Support

Executive Summary

• Gold Basin Resources Corporation shareholders approved the proposed arrangement/merger with CANEX Metals Inc. with approximately 75.82% of votes cast in favor.
• The transaction requires final approvals from the TSX Venture Exchange and the Supreme Court of British Columbia, with a court hearing scheduled for June 8, 2026, and expected closing on June 10, 2026.
• Upon closing, non-CANEX Gold Basin shareholders will receive 0.592 CANEX common shares per Gold Basin share, while approximately 21.72% of shares have been formally dissenting.

Key Details

• Vote Results: 75.82% approval rate; 99,880,759 votes cast representing 73.9% of outstanding shares (75,580,049 for, 24,099,304 against).
• Exchange Ratio: Gold Basin shareholders (excluding CANEX) will receive 0.592 common shares of CANEX for each Gold Basin share held.
• Dissenting Shares: 29,347,888 shares (~21.72% of outstanding) filed notices of dissent; treatment outlined in the May 14, 2026 management information circular.
• Regulatory & Court Timeline: TSXV and Supreme Court of BC approvals required; Court hearing set for June 8, 2026; expected closing date is June 10, 2026.
• Pre-Closing Ownership: CANEX currently holds 51.86% of Gold Basin.
• Corporate Context: The arrangement consolidates the Gold Basin mining district, following the invalidation of the Helix Joint Venture Agreement, settlement of the Charrua Loan, and resolution of multiple lawsuits, debts, and regulatory deficiencies.

Notable Quotes

• Shane Ebert, President of CANEX: "This successful vote marks a major milestone for CANEX Metals and is the culmination of a year long process to consolidate and advance the Gold Basin mining district for the benefit of both CANEX and Gold Basin Shareholders. Pending court and regulatory approval we welcome all Gold Basin shareholders that have voted to support CANEX and our team, and we will work diligently to unlock the value of this extraordinary gold district. In their short tenure, the new Gold Basin management team has made exceptional progress repairing past damage previously inflicted on Gold Basin, and preserving the integrity of the Gold Basin asset. Gold Basin has declared the purported Helix Joint Venture Agreement invalid with no legal standing, the Charrua Loan and its attempt to strip Gold Basin assets has been settled, and multiple lawsuits, debts, and regulatory deficiencies have been addressed. Our team looks forward to getting through the final stages of the Arrangement and focusing our attention on exploration and advancement."