PERTH (miningweekly.com) – Gold developer Bellevue Gold has launched a fully underwritten institutional placement to raise A$18.5-million to fund ongoing exploration activities at its namesake project in Western Australia.
Some 32.4-million new shares will be issued at a price of 57c each under the company’s existing placement capacity, with the offer price representing an 8.8% discount to Bellevue’s closing price on July 23.
The share placement is fully underwritten by Canaccord Genuity.
Bellevue told shareholders on Wednesday that the share placement would significantly strengthen the company’s balance sheet in conjunction with the existing cash balance of some A$20-million, and would allow for the fast-track of several key initiatives at the Bellevue project, including an infill drilling programme, ongoing step-out resource growth exploration drilling, and potential pre-development activities.