Nov 29 (Reuters) - Buxton Resources Ltd BUX.AX :
* 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