CANEX Metals to Pay Gold Basin Dissenting Shareholders in CANEX Shares
CANEX Metals Inc. announced that the majority of dissenting Gold Basin Resources shareholders will be paid in CANEX shares, not cash. This action marks the final step in acquiring 100% of Gold Basin.
CALGARY – CANEX Metals Inc. announced on July 22, 2026, that the majority of dissenting shareholders in its subsidiary, Gold Basin Resources, will receive CANEX shares as payment, rather than cash. This settlement is the final component in CANEX's complete acquisition of Gold Basin.
At a Gold Basin shareholder meeting on June 4, 2026, notices of dissent were received from holders of 30,387,668 Gold Basin shares. A formal notice to proceed was sent to each dissenting shareholder, outlining the steps required to exercise their dissent rights. The deadline for submitting written statements and share certificates has passed, with only 597,367 Gold Basin shares having fully completed the dissent process.
CANEX will issue up to approximately 17,635,853 CANEX shares to these "Delinquent Dissenters." Following this issuance, CANEX anticipates having approximately 247.1 million shares outstanding, with the dissenting shareholders holding about 7% of the company's total shares. The completion of the Gold Basin acquisition is expected to allow CANEX to focus on advancing its consolidated district.
Additionally, CANEX provided an update on its litigation against Helix Resources Ltd. CANEX maintains the Gold Basin-Helix Farm-In Agreement, announced by Helix on April 29, 2025, is invalid. On July 10, 2026, an application was filed in the Supreme Court of British Columbia to amend the original petition. The amended petition seeks to substitute Gold Basin as the petitioner for three individual shareholders and incorporate new information. The revised petition alleges that Helix and former Gold Basin directors proceeded with the agreement in defiance of a court order, without required Canadian regulatory approval, and failed to disclose multiple related party dealings and conflicts of interest.
CANEX has also initiated a new civil lawsuit against former directors Michael Povey and Charles Straw, alleging misconduct related to the farm-in agreement. The litigation aims to have the Helix farm-in agreement set aside and to compel Helix to pay Gold Basin's legal costs.