Independence takes a stake in Buxton
PERTH (miningweekly.com) – ASX-listed diversified miner Independence Group has made a A$4-million investment into fellow-listed Buxton Resources, subscribing for a 15% interest in the company.
Buxton on Thursday reported that some 20.4-million shares had been issued to Independence, at a price of 20c each, representing a premium of 35.2% to the company’s 20-day volume weighted average share price.
In addition to the share placement, Independence has also been granted a 24-month option in which to earn-in and ultimately achieve a 70% interest in Buxton’s Double Magic/Merlin prospect, in Western Australia.
Independence would be required to spend A$8-million on the project over a four-year period to earn the 70% interest, with Buxton to be free-carried through to the completion of a feasibility study.
An additional agreement could see Independence earn an 80% interest in Buxton’s regional tenements in Western Australia, outside of the Double Magic/Merlin project area, by spending A$3-million over a four-year period.
Once the 80% threshold has been reached, Buxton would also be free carried to the completion of a feasibility study.
Buxton MD Eamon Hannon said on Thursday that with the technical and financial support from Independence, exploration success could occur at a far greater pace than what Buxton would have achieved on its own.
“This level of industry support is testament to the great work the small Buxton team has done and the quality of the projects,” he added.
As part of the agreements, Independence has committed to underwrite any rights issue by Buxton up to the value of A$2.28-million within 12 months of the execution date of the agreements.
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