Buxton to Raise $2m to Fast Track Double Magic Drilling

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BUXTON TO RAISE $2M TO FAST TRACK DOUBLE MAGIC DRILLING
 Oversubscribed placement to raise $2 million for Double Magic Ni-Cu Project
 Geological and geophysical programs have commenced to target possible extensions to mineralisation intersected in DMRC003 (which intersected 8m (down hole) of massive and matrix sulphide grading 3.05% Ni & 1.87% Cu) from 50 metres (previously reported on 10 August 2015), plus refine further targeting for the Phase 2 drill program
 Phase 2 drill program is expected to commence within weeks
The Board of Buxton Resources Limited ("Buxton" or "the Company") (ASX: BUX & BUXO) is pleased to announce that it has resolved to raise up to $2.0 million in a placement to institutional investors and sophisticated and professional investors through the issue of up to approximately 10.3 million new shares. Hartleys Limited is Broker to the Offer.
Funds raised pursuant to the Placement will be used to fast track drilling at Double Magic, primarily for:
 An intensive technical program of results assessment, field mapping, on-ground geological interpretation, structural analysis and several types of geological surveys (including down-hole EM surveys and possibly high powered ground EM surveys) at the Double Magic Ni-Cu Project (this has commenced);
 Phase 2 RC drilling and/or diamond drilling programmes at the Double Magic Ni-Cu Project, expected to commence within weeks; and for working capital purposes.
The placement of 10.3 million new shares was made at an issue price of 19.5 cents per share which represents a 9.3% discount to Buxton’s last closing price.
Buxton’s Chief Executive Officer, Mr Eamon Hannon said: "We are appreciative of the considerable support for the placement which will see the introduction of a number of high quality investors onto our share register."
"The funds raised will allow Buxton to fast track the drilling of our recent nickel sulphide discovery at our 100% owned Double Magic Ni-Cu Project in Western Australia."
The allotment of the Placement of up to approximately 10.3 million shares is not subject to shareholder approval and will fall within the Company’s 15% placement capacity under ASX LR 7.1.