BUX 0.00% 6.5¢ buxton resources limited

News: BUX Buxton Resources Enters Binding Agreements With Independence Group

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    Nov 29 (Reuters) - Buxton Resources Ltd (BUX) :

    • ENTERED INTO BINDING AGREEMENTS WITH INDEPENDENCE GROUP
    • IGO HAS SUBSCRIBED TO 15% OF BUXTON'S CAPITAL STRUCTURE VIA PLACEMENT OF 20.4 MILLION ORDINARY SHARES AT 20 CENTS PER SHARE
    • PROCEEDS FROM PLACEMENT WILL BE USED TO FUND NEXT ROUND OF EXPLORATION AT MERLIN PROSPECT AND OTHER WORK
    • PLACEMENT WILL RAISE APPROXIMATELY $4MLN FOR BUXTON
    • AS PART OF AGREEMENTS, IGO HAVE COMMITTED TO BUXTON TO UNDERWRITE ANY RIGHTS ISSUE OF $2.3 MILLION WITHIN 12 MONTHS OF EXECUTION
 
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