IGO buys 15% stake in Buxton

Peter Bradford-led Independence Group has taken a $4 million stake in junior explorer Buxton Resources.

In a statement to the ASX, Buxton said Independence had purchased 20.4 million shares for a cash consideration of $4 million to take a 15 per cent stake in the company.

Bruxton has four projects in Western Australia, including the Yalbara graphite project and a series of nickel and copper projects.

IGO recently took a $1.8 million stake in West Perth-based Encounter Resources.

Shares in Buxton last changed hands at 13 cents each, while IGO shares were off 1 per cent at $3.81 each today.