Mayfair Acquisition Corp. Announces Takeover Bid for Gold Basin Resources and Canex Metals

Mayfair Acquisition Corp., listed on the TSXV, has announced its intention to make a securities exchange takeover bid to acquire all outstanding shares of Gold Basin Resources Corporation and Canex Metals Inc. This move is facilitated by Discovery Group, which will also join Mayfair’s board. The consolidation aims to enhance shareholder value by integrating the precious metal assets of Gold Basin and Canex, empowered by financing and management changes. The bid, dependent on TSXV approval, marks a strategic endeavor to realize the potential of regional consolidation in northern Arizona's gold exploration sector. Mayfair’s approach is partly driven by Gold Basin's management and financial challenges, suggesting opportunities for improvement and growth. The transaction plans involve an equity financing and a share exchange ratio determined by Mayfair’s post-financing cash value. The proposed consolidation, however, remains subject to several conditions, including acceptance by significant shareholders and necessary regulatory approvals.