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.
The funds are earmarked for the acquisition and aggressive exploration of the Pickle Crow Project—a site that has seen limited activity since 2023 but is believed to hold significant high-grade resource upside.
Beyond the Canadian expansion, proceeds will support exploration at the Sioux Lookout Project and the Brumby Project in Western Australia.
At the time of reporting, Bellavista Resources' share price was $0.86.