Highlights

  • Bellavista secured AUD 35 million via an upsized two-tranche institutional placement.
  • Funds are allocated to exploration, acquisition costs, and working capital across projects.
  • Shares closed higher on 4 February following resumption of ASX trading.

Bellavista Resources Ltd (ASX:BVR) has completed a bookbuild for a two-tranche placement totalling AUD 35 million before costs. The placement was priced at AUD 0.75 per share and involved the issue of up to 46.7 million new fully paid ordinary shares to institutional and sophisticated investors.

The capital raising was expanded from an initially targeted AUD 25 million following demand from both existing and new investors. Tranche 1 will raise approximately AUD 19 million through the issue of up to 25.45 million shares under the company’s existing placement capacity. Tranche 2 is expected to raise up to AUD 16 million through the issue of approximately 21.21 million shares, subject to shareholder approval at an extraordinary general meeting expected in late March 2026.

Pricing and Dilution Details
The placement price of AUD 0.75 represented a 5.1% discount to Bellavista’s closing price of AUD 0.79 on 30 January 2026. It also reflected discounts of 11.3% and 11.8% to the company’s 5-day and 15-day volume weighted average prices, respectively.

New shares issued under both tranches will rank equally with existing fully paid ordinary shares on issue. The placement is not underwritten. Director participation of AUD 0.60 million is included in Tranche 2 and remains subject to shareholder approval.

Acquisition Link and Capital Position
The placement follows Bellavista’s announcement that it has agreed to acquire a 70% interest in the Pickle Crow Gold Project and associated exploration assets in Ontario, Canada, from FireFly Metals Ltd (ASX:FFM), with an option to increase the interest to 80% subject to approvals.

While the placement is not conditional on the acquisition completing, the company has indicated that, following settlement of the placement and completion of the transaction, it expects to hold an approximate cash balance of AUD 32 million.

Use of Funds Allocation
Subject to completion of the acquisition, approximately AUD 23 million is allocated to exercising the PC Gold Earn-In and conducting exploration activities at the Pickle Crow and Sioux Lookout projects. A further AUD 4 million is earmarked for exploration at the Brumby project in Western Australia. Acquisition and placement costs total around AUD 2.5 million, with the remaining AUD 5.5 million allocated to corporate costs and general working capital.

Market Reaction
Bellavista shares resumed trading on the ASX on 4 February 2026. The stock closed at AUD 0.88, up 10.76% on the day.