News Summary
The most recent news release dated December 23, 2025, confirms the closing of a $3,000,000 non-brokered private placement. Key highlights include:
– Eric Fier (Founder/CEO of SilverCrest Metals) has become a 10% “Insider” shareholder, leading the financing.
– The financing was completed at $0.15 per unit, with no warrants attached, representing a high-quality capital injection.
– CANEX provided an update on its hostile takeover bid for Gold Basin Resources (GXX), noting that 44% of GXX shares have been tendered to the offer.
– Use of proceeds is earmarked for advancing the Arizona district consolidation and exploration at the Gold Range (AZ) and Louise (BC) projects.
Material Impact
This news is a game-changer for a micro-cap explorer. The involvement of Eric Fier, alongside existing strategic investor Michael Gentile, provides top-tier institutional validation. Fier is a renowned value-creator in the sector, and his 10% stake suggests significant due diligence on the Arizona consolidation strategy has been completed.
– Capital Strength: The $3M raise, following a $1.3M raise in June 2025, provides the company with approximately $4.2M in fresh capital (less G&A) to execute its aggressive M&A strategy.
– M&A Viability: Reaching 44% support for the Gold Basin takeover puts CANEX within striking distance of the 50.1% statutory minimum. Given Gold Basin’s internal chaos (Cease Trade Orders, lack of auditors, and lawsuits), CANEX is successfully positioning itself as the only viable exit for GXX shareholders.
– Valuation Validation: The financing at $0.15 was done significantly above the $0.055 levels seen in mid-2025, and the market has since bid the stock to $0.22, indicating strong demand and limited selling pressure following the Fier endorsement.
Catalysts
– Gold Basin Tender Results: The expiry date for the GXX offer is January 9, 2026. Watch for a news release confirming if CANEX has crossed the 50.1% or 66.6% threshold.
– Regulatory Revocation: Monitor the BC Securities Commission for a full revocation of the Cease Trade Order on Gold Basin to allow for share exchange and trading of the combined entity.
– Exploration Catalysts: Drill permitting and commencement at the Gold Range Project in Arizona to test the combined “district scale” potential if the merger closes.
– Louise Project Follow-up: Surface evaluation and potential drill testing of the “West Louise” and “Louise Deep” IP targets identified in July 2025.
Materiality Conclusion
The combination of a top-tier lead investor (Fier) and the successful advancement of a district-scale consolidation makes this material and a game-changer. CANEX has evolved from a junior explorer with $150k in the bank (Sept 2024) to a well-funded consolidator with elite backing.
