Buxton Resources Limited

Buxton Resources Limited (ASX:BUX)

Offer Price

A$0.085

per share

Offer Size

A$3,000,000

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Buxton Resources Limited

Placement

Buxton Resources Limited (ASX:BUX)

BUX

Lead Manager

Offer Price

A$0.085

per share

Offer Size

A$3,000,000

Placement

Buxton Resources Limited

Key Offer Details

  • Buxton Resources Limited (‘BUX’) (‘Buxton’) is seeking to raise A$2M via a single tranche placement at A$0.085 per share.

  • Buxton will issue one (1) free attaching option (‘Option’) for every two (2) New Shares issued pursuant to the Placement. The Options will be exercisable at A$0.16, each with an expiry two (2) years from issuance and will be listed and issued subject to ASX listing requirements and shareholder approval.

  • IGO Limited (ASX.IGO), subject to any necessary shareholder or ASX approval, will commit to participate in the Placement and subsequently a SPP Shortfall or ‘Top-up Placement’ to increase its shareholding from 17.98% to 19.9%. The participation in the initial Placement will be for a quantum of c. A$700,000.

  • IGO will also reserve the right to appoint a director to the Buxton Board, subject to shareholder approval.

  • Board and Management will participate in the capital raise to the extent of their entitlement under the SPP.

  • The company will also launch a non-underwritten, Share Purchase Plan (‘SPP’) to eligible investors to raise an additional A$1M on the same terms. The offer will be subject to shareholder approval and be made via a prospectus.

  • Buxton has mandated Evolution Capital to act as Sole Lead Manager.

Offer Price

The offer price represents a:

  • 15.0% discount to Last Close
  • 18.4% discount to the 5 day VWAP

Use of Funds

Buxton Resources has confirmed that funds from the Placement will be applied towards:

  • A c. 10,000m+ program (both RC and Diamond) at Graphite Bull;
  • Preparation across the broader portfolio – Copper and Nickel Projects.
  • General working capital and costs of the offer.

Investment Highlights

Buxton Resources Ltd (BUX.ASX) has a diverse portfolio of under-explored projects in Graphite, Copper, and Nickel across Australia and America. The company holds a free option on four joint ventures (JVs) with IGO, which are earning in 51-90%, with IGO being Buxton's largest shareholder.

Key Projects and Highlights

Copper Wolf – Arizona (IGO JV)

  • Historical resource: 108Mt @ 0.8% Cu (JORC 2004 inferred resource)
  • Non-JORC historical estimate: 388Mt @ 0.83% Cu
  • Recent drilling results:
    • 84m @ 0.86% CuEq
    • 405m @ 0.70% CuEq
  • Wolverine Prospect:
    • Cluster of magnetic anomalies with Cu-Mo bearing porphyry dykes
    • Permits received for drilling from BLM

Graphite Bull Project, Gascoyne Region, WA (100% owned)

  • Current resource: 4Mt @ 16.2% TGC
  • Recent drilling:
    • 33m @ 18.7% TGC
    • 32m @ 17.7% TGC
    • 5m @ 24.5% TGC
    • 18m @ 16.2% TGC
  • Exploration to recommence in June for a significant resource upgrade
  • Metallurgical testwork achieved > 99% TGC via HF-free purification process

West Kimberley (IGO 80%)

  • Recent exploration results:
    • 2.85m of semi-massive sulphides: 13.24m @ 4.35% Ni, 0.34% Cu
    • 6.57m of massive sulphides: 2.89m @ 4.17% Ni, 0.83% Cu

Centurion Project – West Arunta (100% owned)

  • Heritage Agreements in place for planned drilling
  • Targeting Cu-Au and Nb-REE mineralisation
  • Received Exploration Incentive Scheme grants up to $220,000

Matrix Manganese Project – Arizona (100% owned)

  • Brownfields exploration project covering 12 km²
  • Adjacent to RecycLiCo's Artillery Peak Project
  • Drilling to commence in Q3 2024 to test manganese mineralisation extensions

Buxton Resources Ltd continues to expand its exploration efforts and aims for significant advancements across its projects in the coming years.

Documents & Downloads

Board & Management

Seamus Cornelius

Seamus Cornelius

Non-Executive Chairman

Mr Cornelius brings to the Board over 25 years of corporate experience in both legal and commercial negotiations. Mr Cornelius has been living and working as a corporate lawyer in China for 17 years. He has been based in Shanghai and Beijing since 1993. From 2000 to 2010 he was an international partner with one of Australia’s leading law firms and specialised in dealing with cross border investments, particularly in energy and resources.

Mr Cornelius has for many years advised large international companies on their investments in China and in recent years has advised Chinese state owned entities on their investments in natural resource projects outside of China including in Australia.

Anthony Maslin

Anthony Maslin

Non-Executive Director

In his six years as a stockbroker at Hartley Poynton Stockbrokers in Perth, Mr Maslin was instrumental in the capital raisings and promotion of several resource development companies. In the subsequent seven years in his role as founding Managing Director of Solar Energy Systems Ltd (Now Solco Ltd (ASX Code: SOO)) he had significant experience in capital raisings and management of both people and projects.

Mr Maslin has also worked as a corporate promotion consultant to a number of listed companies. He held the position of Managing Director of Buxton Resources from December 2010 to October 2014.

Stuart Fogarty

Stuart Fogarty

Non-Executive Director

Mr Fogarty has over 20 years of exploration experience with BHP Billiton and Western Mining Corporation. Stuart was BHP’s Senior Exploration Manager for North and South America and currently serves as the Managing Director of Duketon Mining.

Mr Fogarty has a very strong background in nickel exploration, having commenced his career at Kambalda Nickel Operations in 1994. He has had senior roles with  BHP including Senior Geoscientist for nickel exploration in the Leinster and Mt Keith region, Project Manager WA Nickel Brownfields and Regional Manager Australia – Asia where he was responsible for $100 million per annum exploration budget.

More recently Mr Fogarty was a Non-executive Director of Windward Resources during the successful takeover of the company by Independence Group.

Disclaimer

Evolution Capital Pty Ltd (ACN 652 397 263) is a corporate Authorised Representative of Evolution Capital Securities (ACN 669 773 979), the holder of Australian Financial Services Licence number 551 094. The information contained in this Offer is only intended for the use of those persons who satisfy the Wholesale definition, pursuant to Section 761G and Section 761GA of the Corporations Act 2001 (Cth) (“the Act”). Persons accessing this information should consider whether they are Wholesale clients in accordance with the Act before relying on any information contained. You must keep this Offer strictly confidential and must not disclose any information relating to this Offer to any person without Anteris’ written consent. 

This Offer is made to you on the basis that you are an eligible investor, subject to the requirements of Section 708 of the Act. For example, Sophisticated Investor – Section 708(8) of the Act; or Professional Investor – Section 708(11) of the Act. If you are a retail investor and have received this by mistake, please delete this document and related emails and attachments. 

Any financial product advice provided in this Offer is general in nature. Any content in this Offer does not take into account the objectives, financial situation or needs of any person, or purport to be comprehensive or constitute investment advice and should not be relied upon as such. You should consult a professional adviser to help you form your own opinion of the information and on whether the information is suitable for your individual objectives and needs as an investor. Evolution Capital believes the information contained in this Offer is correct. All information, opinions, conclusions and estimates that are provided are included with due care to their accuracy; however, no representation or warranty is made as to their accuracy, completeness, or reliability. 

Evolution Capital disclaims all liability and responsibility for any direct or indirect loss, or damage, which may be incurred by any recipient through any information, omission, error, or inaccuracy contained within this Offer. Evolution Capital and / or its associates may hold interests in the entity which forms the basis of the Offer. Evolution Capital, or its representatives, may have relationships with the companies mentioned in this Offer – for example, acting as corporate advisor, dealer, broker, or holder of principal positions. Evolution Capital and / or its representatives may also transact in those securities mentioned in the Offer, in a manner not consistent with recommendations made in the Offer. The information provided in this Offer and on which it is based may include projections and / or estimates which constitute forward-looking statements. These expressed beliefs of future performance, events, results, or returns may not eventuate and as such no guarantee of these future scenarios is given or implied by Evolution Capital. Any forward looking statements are subject to uncertainties and risks that may mean those forecasts made by Evolution Capital are materially different to actual events. As such, past performance is not an indicator of future performance.

Buxton Resources Limited

Placement

Buxton Resources Limited (ASX:BUX)

BUX

Offer Price

A$0.085

per share

Offer Size

A$3,000,000

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