Canex Metals arranges $3M financing led by Fier

Executive Summary

• Canex Metals Inc. has closed a $3 million non-brokered private placement financing led by strategic investor N. Eric Fier, who will become an insider holding over 9.9% of the company.
• The financing proceeds are designated to de-risk and fund Canex's ongoing offer to acquire all issued and outstanding shares of Gold Basin Resources Corp., as well as for exploration at the Gold Range and Louise projects.
• Canex has extended the deadline for its takeover bid for Gold Basin Resources to 5 p.m. Toronto time on January 9, 2026, to allow shareholders additional time to evaluate the offer in light of the new financing.

Key Details

• Financing Structure:
  • Type: Non-brokered private placement.
  • Lead Investor: N. Eric Fier (Mining industry leader, former CEO of Silvercrest Metals, current Director of Coeur Mining and Chairman of Mako Mining).
  • Shares Issued: Up to 20,000,000 common shares.
  • Price: $0.15 per common share.
  • Gross Proceeds: Up to $3,000,000.
  • Hold Period: 4 months plus 1 day from the date of closing.
  • Regulatory Status: Subject to TSX Venture Exchange approval; relied on exemptions from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101.
• Use of Proceeds:
  • Advance the district consolidation opportunity (acquisition of Gold Basin).
  • Exploration at the Gold Range project (Arizona).
  • Exploration at the Louise project (British Columbia).
  • General working capital.
• M&A / Takeover Bid Details:
  • Target: Gold Basin Resources Corp.
  • Offer Extension: Extended to 5 p.m. Toronto time on January 9, 2026.
  • Strategic Rationale: The financing removes financial risk associated with the acquisition offer and demonstrates access to capital.
  • Premium: The financing price represents a 97% implied premium to Gold Basin’s last closing price prior to a B.C. Securities Commission cease trade order imposed on May 6, 2025.
  • Context: Canex describes Gold Basin’s board as collapsed and notes the offer is the only path to liquidity for Gold Basin shareholders.
• Investor Profile:
  • N. Eric Fier brings a track record of generating ~$2.5 billion in shareholder equity value over 10 years, including two successful takeovers.
  • His investment increases his ownership above 9.9%, making him an insider.

Notable Quotes

• Shane Ebert, President of Canex: "We are delighted to welcome Eric as a major shareholder and financial backer of Canex. This is a strong endorsement of our efforts to consolidate the Arizona oxide gold district and an important new milestone for our company. This investment highlights and underscores the opportunity for shareholders of both Canex and Gold Basin to attract quality interest from mining professionals who have achieved great success in our industry and develop a compelling new oxide gold project that has both premium grades and scale."
• N. Eric Fier: "I have been personally involved in Canex since 2020 and followed the success of exploration at its Gold Range project. The team has been diligent in identifying a large gold mineralized system across their property and beyond. I believe my support and investment can help the company move forward, and I am particularly excited to contribute to the company's vision of consolidating with Gold Basin and advancing the district, which shows strong potential to host a large-scale bulk tonnage oxide gold deposit."