Bellevue raises $20m

Bellevue Gold has raised $20 million via a share placement, with the funds to go towards drilling at its namesake project located near the Goldfields town of Leinster.

Bellevue issued 37 million shares priced at 55 cents each under the placement, which represented a 5.8 per cent discount to its 10-day volume-weighted average price.

Managing director Steve Parsons said the capital raising received strong support from institutional and sophisticated investors based in Australia, as well as continued support from its North American institutional investors.

The Canada-based Bank of Nova Scotia is company’s largest shareholder, owning 11.14 per cent of Bellevue, as of late November.

"We are now fully funded to undertake drilling activities at Bellevue for the next 12 months,” Mr Parsons said.

Canaccord Genuity acted as sole lead manager and bookrunner to the placement.

Shares in the Bellevue were up 0.82 per cent to trade at 62 cents each at 12.40pm AEDT.