PERTH (miningweekly.com) – Junior Bellevue Gold will raise A$26.5-million through a share placement to fund resource infill and resource extension drilling at its namesake gold project, in Western Australia.
The company on Wednesday said that it had received firm commitments for a share placement, priced at 30c each, with the placement to be undertaken under Bellevue’s existing placement capacity.
The offer price represented a 7.7% discount to Bellevue’s last closing price of 32.5c a share.
“To complete a raising such as this in any environment is an excellent achievement, but to do it in the current market circumstances is exceptional. Under the current budget, we are funded through to mid calendar year 2021,” said Bellevue MD Steve Parsons.
“The strong support shown by leading institutional investors is a huge endorsement of the Bellevue project and its growth potential.
“The proceeds ensure we have ample cash to continue unlocking the value of this project through infill and resource growth drilling while also undertaking the economic and technical studies which should pave the way for development and production.”