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BELLEVUE GOLD LIMITED — Capital/Financing Update 2020
Aug 11, 2020
64519_rns_2020-08-11_e81e9581-7c27-4e80-9639-e58c10d00db2.pdf
Capital/Financing Update
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12/08/2020
ASX ANNOUNCEMENT
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Completion of Share Purchase Plan
Bellevue Gold Limited (ASX: BGL) ( Bellevue or the Company ) is pleased to announce the successful completion of its Share Purchase Plan ( SPP ), which closed at 5.00pm (AWST) on 7 August 2020.
The SPP was open to 7,656 Eligible Shareholders. The Company received valid applications from 2,896 Eligible Shareholders representing a participation rate of 37.83% and an average application amount of approximately $16,000.
In response to the strong demand from shareholders (and as set out in section 4.3(a) of the SPP Offer Booklet released on the ASX on 20 July 2020), the Company has decided to increase the size of the SPP by $15 million above its original target of $20 million, raising a total of $35 million.
The strong interest in the SPP required a scaling back of valid applications that Bellevue received under the SPP in accordance with the terms and conditions set out in the SPP Offer Booklet. The scale back was calculated as follows:
| Shareholding at | Allocation Policy | Number of Eligible |
|---|---|---|
| Record Date | Shareholders | |
| 1 – 1,000 shares | 1,000 shares | 403 |
| 1,001 – 29,999 shares | 78% of the Eligible Shareholder's valid application | 1,835 |
| 30,000+ shares | 100% of the Eligible Shareholder's valid application | 658 |
The Company will refund applicants the difference between the new shares ( New Shares ) issued to them and the parcel of shares the applicant applied for (calculated at the issue price) on or around 18 August 2020. The Company is of the view that the scaling methodology applied allowed for the most equitable allocation of bids across the shareholder base taking into consideration shareholder holdings as at the Record Date.
Approximately 35 million New Shares will be issued on 18 August 2020 under the SPP and are expected to trade from 19 August 2020. The New Shares will be issued at $1.00 each.
The Board would like to thank existing shareholders for their participation in the SPP and strong show of support following the successful completion of the oversubscribed $100 million (before costs) share placement to institutional investors announced to ASX on 9 July 2020 ( Placement ).
This brings the total funds raised under the Placement and the SPP to $135 million. Funds raised will be used for ongoing Resource growth and to accelerate development of the Bellevue Gold Project in WA.
ASX: BGL
T: +61 8 6424 8077 E: [email protected] W: www.bellevuegold.com.au
Principal & Registered Office: Level 3, Suite 3 24 Outram Street West Perth WA 6005
Kevin Tomlinson - Non-Executive Chairman Steve Parsons - Managing Director Michael Naylor - Executive Director & Company Secretary Shannon Coates - Non-Executive Director Fiona Robertson - Non-Executive Director
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Managing Director Steve Parsons commented:
“ We are extremely pleased with the confidence and support our retail shareholders have shown. The logic behind the Share Purchase Plan was to allow our retail shareholders the ability to participate in the raising on the same terms as the institutional shareholders. Given market circumstances around COVID-19, it prevented us from offering a SPP in our last raise so it’s been great to reward them this time round”
Holding statements will be despatched on or around 31 August 2020. The Company recommends shareholders confirm their actual holding prior to trading in New Shares under the SPP.
For further information regarding Bellevue Gold Ltd please visit the ASX platform (ASX:BGL) or the Company’s website www.bellevuegold.com.au
Authorised by the Board of Directors
Mr Steve Parsons Mr Luke Gleeson Mr Paul Armstrong Managing Director Head of Corporate Development Media enquiries- Read Corporate T: +61 8 6424 8077 T: +61 8 6424 8077 T : +61 8 9388 1474 E: [email protected] E :[email protected] E : [email protected]
All dollar amounts are in Australian dollars unless otherwise indicated.
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