Mayfair Acquisition plans to acquire Gold Basin Resources and Canex Metals in a takeover bid

From Yahoo Finance: 2025-03-24 11:24:00

Mayfair Acquisition plans to launch a takeover bid to acquire Gold Basin Resources and Canex Metals in exchange for common shares. The move, facilitated by Discovery Group, aims to create a stronger gold exploration company in northern Arizona. Mayfair plans to offer a premium to Gold Basin shareholders and seeks TSX Venture Exchange approval.

Jim Paterson of Discovery Group joins Mayfair’s Board of Directors, with John Robins and Darren Klinck to follow upon bid completion. The proposed acquisition follows unsuccessful merger discussions between Gold Basin and Canex, resulting in financial challenges. Canex has shown interest, but Gold Basin’s response is pending amid management challenges.

Mayfair’s bid is subject to TSX Venture acceptance, lock-up agreements, and compliance with securities laws. The offer hinges on depositing at least 90% of issued shares, among other regulatory conditions. The announcement gives Gold Basin and Canex time to consider the bid and explore alternatives. The outcome remains uncertain pending regulatory approval.

Read more: Mayfair announces takeover bid for Gold Basin Resources and Canex Metals