CALGARY, AB — December 23, 2025 — Leads & Copy — CANEX Metals Inc. has closed a non-brokered private placement, raising $3,000,000 through the issuance of 20,000,000 common shares. The company is also announcing that Mr. Eric Fier has become the largest shareholder and an insider of the company.
The financing, which was previously announced, saw participation from strategic investor Michael Gentile, CANEX management, and board members. Proceeds from the financing will be used to advance the company’s district consolidation opportunity in Arizona, exploration at the Gold Range and Louise projects, and for general working capital.
Mr. Fier led the financing round and now holds 10% ownership in CANEX, becoming an insider of the company. CANEX officials noted Fier’s track record in mining discoveries, project development, financings, and mine constructions, which has generated approximately C$2.5 billion of shareholder equity value over the last 10 years, including two successful takeover deals.
Mr. Gentile, considered a strategic investor in the junior mining sector, also participated in the financing. Other participants included high net worth and experienced mining and financing professionals, including new investors, current shareholders, and company insiders.
The financing consisted of 20,000,000 common shares priced at $0.15 each. The shares are subject to a four-month hold period until April 24, 2026, and were offered on a non-brokered basis to accredited investors. No commissions were paid to investment dealers, and the financing is subject to final acceptance by the TSX Venture Exchange.
Certain insiders purchased a total of 670,147 common shares in connection with the financing. The company relied on exemptions from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101.
CANEX’s offer to acquire all shares of Gold Basin Resources Corporation has garnered approximately 44% of Gold Basin’s issued and outstanding shares. The expiry date for the offer has been extended to January 9, 2026, at 5:00 p.m. (Toronto time). This figure does not include shares committed, contractually or otherwise, but not yet tendered.
Under the offer, Gold Basin shareholders are offered 0.592 of a CANEX common share for each Gold Basin share deposited and taken up.
The company states that CANEX has seen a large increase in value since launching its offer on August 28, 2025. This increase is attributed to a strong gold bull market, excitement over consolidating a large gold district in Arizona, recognition of new drill targets at the Louise Cu-Au Porphyry Project, and the involvement of strategic investors. Meanwhile, Gold Basin has remained cease-traded.
According to CANEX, the offer represents an implied premium of 183% based on CANEX’s December 22, 2025, closing price and the last closing price of Gold Basin shares prior to the cease-trade order on May 6, 2025. The offer value is approximately $17,200,000, or $0.13 per Gold Basin share.
Shane Ebert, President and Director of CANEX, has been holding virtual meetings with Gold Basin shareholders to discuss the offer and CANEX’s vision for the consolidated gold district. Gold Basin shareholders can contact the company at info@canexmetals.ca to arrange a meeting with Mr. Ebert.
CANEX has retained Borden Ladner Gervais LLP as its legal advisor and Laurel Hill Advisory Group as its information agent.
CANEX Metals (TSX.V:CANX) is focused on advancing its Gold Range Project in Northern Arizona and the Louise Copper-Gold Porphyry Project in British Columbia. The company is sponsored by Altius Minerals (TSX: ALS).
Dr. Shane Ebert P.Geo., is the Qualified Person for CANEX and has verified the data disclosed in this news release.
Shane Ebert, President/Director
Shane Ebert at 1.250.964.2699 or
Jean Pierre Jutras at 1.403.233.2636
Source: CANEX Metals
