- Bellevue Gold (BGL) is raising $70 million to accelerate the development of its namesake gold project in Western Australia
- The company has tapped institutional investors for $60 million through a share placement, with new shares to be issued at $1.05
- Bellevue also aims to raise a further $10 million through a share purchase plan, which will be open from December 14 until January 13
- BGL shares are down 13.22 per cent to trade at $1.05 at 12:40 pm AEDT
Bellevue Gold (BGL) has announced a $70 million capital raise to accelerate the development of its namesake gold project in Western Australia.
The company has tapped institutional investors for $60 million through a share placement, with new shares to be issued at $1.05 — a 13.2 per cent discount to its last closing price of $1.21 on December 5 and an 8.4 per cent discount to its five-day volume-weighted average price.
Bellevue will use the money for underground development and exploration at its Bellevue gold project in Western Australia. The funds will also be applied towards further de-risking the project’s production outlook and increasing financial flexibility during construction and ramp-up.
The placement shares are expected to settle on December 12 and be issued and start trading on December 13.
In addition, the WA-based gold company aims to raise a further $10 million through a share purchase plan (SPP). Eligible shareholders may subscribe for up to $30,000 worth of shares at the same issue price as the placement.
The company expects the SPP to open on December 14 and close on January 13, 2023.
BGL shares were down 13.22 per cent to trade at $1.05 at 12:40 pm AEDT.