Buxton Resources (ASX:BUX) has completed an in-house bookbuild to raise about $600,000 through the issue of 9 million new shares at $0.065 per share.
This company-led raise was cornerstoned by a battery metals executive and supported by a “very small number” of professional and sophisticated investors, the majority of whom are existing shareholders.
The funds raised will be used towards progressing work on the Graphite Bull Project, including an update to the mineral resource estimate along with general working capital.
CEO Marty Moloney says Buxton is incredibly pleased by the engagement and support from existing shareholders and from the incoming cornerstone investor in this placement.
“This result is a recognition of the quality of our portfolio and underlines shareholder confidence in our strategic direction. The funds from this capital raise, along with our existing cash, will fund additional exploration activities at Graphite Bull, product qualification work with downstream battery producers and preparatory work across our 100% owned greenfield exploration portfolio,” says Moloney.
Write to Adam Orlando at Mining.com.au
Images: Buxton
