Bellavista Resources (ASX:BVR) completed a heavily oversubscribed bookbuild, securing $35 million through a two-tranche placement.
The capital raising, priced at $0.75 per share, saw overwhelming demand from high-quality institutional and sophisticated investors, prompting the company to upsize the placement from its original $25 million target.
The surge in investor confidence coincides with Bellavista's strategic announcement to acquire a controlling interest in the Pickle Crow Gold Project in Ontario, Canada, from FireFly Metals.
The placement is structured into two stages: Tranche 1 will immediately raise approximately $19 million, while Tranche 2, raising the remaining $16 million, remains subject to shareholder approval.
Managing Director Glenn Jardine noted that the funds will transform Bellavista’s balance sheet, leaving the company well-capitalised with a pro-forma cash balance of roughly $32 million.