Bellevue raises $15m

Bellevue Gold (formerly Draig Resources) has boosted its coffers with a $15 million share placement to fund exploration work at its Bellevue project near Leinster.

The company has issued about 45 million shares at 34 cents each, representing a 5.6 per cent discount on the last closing price.

Canaccord Genuity acted as sole lead manager to the placement, while Sprott Capital partners and Patersons Securities were co-managers.

Managing director Steve Parsons said the proceeds would primarily be spent on continued exploration at the Bellevue project.

“We would like to welcome a number of new institutional investors onto our share register and thank our existing shareholders for their ongoing support,” he said.

“We were particularly pleased with the level of support from a number of pre-eminent precious metal investors based in North America.

“We are now well placed to continue to rapidly advance drilling activities at Bellevue, including the very high grade Viago Lode.”

Shares in Bellevue finished 4.17 per cent higher at 38 cents each today.