Bellevue raises $3.5m ahead of ASX listing

West Perth-based Bellevue Resources plans to list on the Australian Securities Exchange on December 18, after raising $3.5 million through its initial public offering.

The tin-focused company closed its offer of 17.5 million shares at 20 cents each fully subscribed after three weeks, due to high investor demand.

The company plans to use the money to progress exploration at its Running River Tin Project, which is located 120 kilometres northwest of Townsville in the prospective Kangaroo Hill mineral fields in Queensland.

Running River covers approximately 300 square kilometres and is located in a known historical mining area which has been mined for tin, in both hard rock and alluvial deposits (from 1870 to as recent as 1991).

Field exploration has commenced with first results due early 2008, due to Bellevue securing priority access to drill rigs and geologists.

The company will trade under the ASX code, BVE.