The SPP is priced at $1 per share, which is the same price as the recent share placement in which Bellevue raised $100 million.
Under the SPP, eligible shareholders can apply for up to $30,000 worth of shares without incurring brokerage, commission or other transaction costs.
Both board members and senior management that are eligible to participate in the SPP will be applying to participate.
The record date for the SPP was 5pm (Perth time) on Wednesday, July 8, 2020.
Accelerating project development
The equity raising will see the company fully funded for an aggressive exploration campaign at its Bellevue Gold Project in WA to upgrade and increase resources while advancing underground development on the pathway to resource growth and development.
Proceeds from the placement and SPP will be used to fund:
- Growth of the existing 2.3 million ounces resource at Bellevue Gold Project;
- Further expand the indicated resource of 860,000 ounces at 11.6 g/t and grow the high-grade core of 480,000 ounces at 15.5 g/t by upgrading more of the inferred resource;
- Ongoing step-out exploration for further discoveries as all lodes remain open in every direction;
- Further regional exploration;
- Reestablish access for mechanised re-entry to underground and establish drill platforms;
- Fund underground mine development, including production decline and infrastructure;
- Establish non-processing infrastructure; and
- General working capital and offer costs.