Buxton Resources Limited (AU:BUX) has released an update.
Buxton Resources Limited is set to raise $3.5 million through a combination of a $2.5 million share placement and a $1 million Share Purchase Plan (SPP), offering shares at 8.5c each with a bonus option scheme. Major shareholder IGO Ltd will increase its stake to 19.95% and gain the right to appoint a director to Buxton’s board. The funds will expedite exploration across Buxton’s critical minerals projects in Western Australia and the USA, with four exploration programs planned over the next six months.
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