Canex Metals Inc. has increased its previously announced non-brokered private placement to raise up to C$9 million in gross proceeds following strong shareholder demand.

The expanded financing now comprises up to 21,428,571 common shares priced at $0.35 per share to secure up to C$7.5 million, alongside up to 2,777,778 charity flow-through shares priced at $0.54 per share to generate up to C$1.5 million in gross proceeds. All securities issued through the private placement are subject to a statutory hold period of four months plus one day from the closing date. The financing remains contingent on TSX Venture Exchange and regulatory approvals.

Proceeds from the placement will be directed toward exploration and pre-development work at the company's Gold Basin and Gold Range projects, covering remaining obligations for the 100% acquisition of Gold Basin Resources, and supporting general working capital. The consolidation brings together the contiguous Gold Basin and Gold Range properties in Mohave County, Arizona, forming a large oxide gold district with mineralized trends exceeding 8 kilometres in length.

In parallel, flow-through proceeds will be used to advance and drill test geophysical targets at the Louise Copper-Gold Porphyry Project in British Columbia. Regional activity across the wider sector has also seen active development, including recent work where G50 Corp Limited extended shallow gold-silver mineralization at its Golconda project within the surrounding district.

Market activity responded to the financing announcement with heightened equity turnover. Trading volume on the exchange reached 784,099 shares, marking a level that is 502% above the 50-day average volume of 212,091 shares. The stock is currently trading at $0.42, representing a day change of 5.00%.

Read the full announcement: CANEX Increases Equity Financing to C$9 Million