Mayfair Acquisition Corp. Announces Intention to Make Securities Exchange Takeover Bids for Gold Basin Resources and Canex Metals
On March 21, 2025, Mayfair Acquisition Corp. (TSXV: MFA.P) (“Mayfair” or the “Company”) announced its intent to make securities exchange takeover bids (the “Proposed Offer”) to acquire all of the issued and outstanding shares of Gold Basin Resources Corporation (TSXV: GXX) (“Gold Basin”) and Canex Metals Inc. (TSXV: CANX) (“Canex”). The Proposed Offer is being facilitated by Discovery Group, an alliance of mineral exploration and development companies.
Background on Mayfair Acquisition Corp.
Mayfair Acquisition Corp. is a capital pool company that completed its initial public offering on October 20, 2024. The Company’s business objective is to identify and acquire assets or businesses for commercial operation or for development and production in the resource sector. Mayfair’s common shares are listed on the TSX Venture Exchange under the symbol “MFA.P.”
The Proposed Offer
Under the Proposed Offer, Mayfair intends to acquire all of the issued and outstanding shares of Gold Basin and Canex. The consideration for each Gold Basin share will be 1.6 common shares of Mayfair, and for each Canex share, it will be 0.5 common shares of Mayfair. The Proposed Offer represents a premium of approximately 91% and 114% based on the closing prices of Gold Basin and Canex shares on the TSX Venture Exchange on March 19, 2025, respectively.
Impact on Mayfair Acquisition Corp.
If successful, the Proposed Offer will significantly expand Mayfair’s mineral exploration and development portfolio. Gold Basin holds several mineral properties in British Columbia, while Canex has exploration projects in Canada and the United States. The acquisition of these two companies will provide Mayfair with a diverse range of mineral assets and the potential for increased revenue and shareholder value.
Impact on Gold Basin Resources Corporation and Canex Metals
The Proposed Offer presents an opportunity for Gold Basin and Canex shareholders to receive a premium for their shares. Both companies have seen modest growth in recent years, but their share prices have not kept pace with the market. The Proposed Offer provides a liquidity event for shareholders and a potential catalyst for growth through Mayfair’s resources and expertise.
Discovery Group’s Role
Discovery Group, an alliance of mineral exploration and development companies, is acting as the financial advisor and facilitator for the Proposed Offer. Discovery Group has a proven track record of successful transactions in the resource sector and will provide valuable expertise and support throughout the acquisition process.
Conclusion
The Proposed Offer by Mayfair Acquisition Corp. to acquire Gold Basin Resources Corporation and Canex Metals represents an exciting opportunity for all parties involved. Mayfair will significantly expand its mineral exploration and development portfolio, while Gold Basin and Canex shareholders will receive a premium for their shares. Discovery Group’s expertise and support will ensure a smooth and successful transaction. This acquisition is a testament to the strength of the resource sector and the continued potential for growth in the industry.
- Mayfair Acquisition Corp. (TSXV: MFA.P) has announced its intent to make securities exchange takeover bids for Gold Basin Resources Corporation (TSXV: GXX) and Canex Metals Inc. (TSXV: CANX).
- The Proposed Offer is being facilitated by Discovery Group, an alliance of mineral exploration and development companies.
- If successful, Mayfair will significantly expand its mineral exploration and development portfolio.
- Gold Basin and Canex shareholders will receive a premium for their shares, providing a liquidity event and potential catalyst for growth.
- Discovery Group’s expertise and support will ensure a smooth and successful transaction.
The resource sector continues to show strength and potential for growth, as evidenced by Mayfair’s Proposed Offer for Gold Basin Resources Corporation and Canex Metals. This acquisition represents an exciting opportunity for all parties involved and underscores the continued potential for growth in the industry.
