PERTH (miningweekly.com) – Gold developer Bellevue Gold has completed a A$60-million institutional placement to derisk its Western Australian gold operation.

The company this week announced a A$70-million capital raise, which included the share placement and a share purchase plan (SPP) to raise a further A$10-million, to accelerate underground development and exploration at the Bellevue gold project, further derisking the production outlook and increasing financial flexibility during construction and ramp-up.

Bellevue on Wednesday said that it had now received firm commitments for the fully underwritten share placement and had received strong demand from existing and new domestic and offshore institutions.

The placement shares will be issued under the company’s existing placement capacity and will settle on December 12.

Meanwhile, the SPP will open on December 14 and close on January 13.