Nov 29 (Reuters) - Buxton Resources Ltd (BUX) : ENTERED INTO...

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