Parsons exercises options ahead of Bellevue halt

27th March 2020
Resources Rising Stars

Bellevue Gold managing director Steve Parsons has exercised 20 million options in the company for A$775,000 just before the company called a halt over a capital raising (reports MiningNews).

Parsons exercised 15 million options at 4c and 5 million at 3.5c.

He now holds 30 million Bellevue shares and is a top five shareholder.

Parsons said he was growing his stake to ensure his participation in the company's growth.

"I have no doubt that the outstanding exploration success we have enjoyed at Bellevue, which has already resulted in a 2.2 million ounce inferred resource, is just the start of what will be a highly rewarding journey for all shareholders and stakeholders," he said.

"We are on track to deliver a maiden indicated resource in the coming quarter and there is still huge exploration upside at Bellevue that we will continue to show throughout 2020."

Bellevue called a trading halt this morning ahead of an equity raising.

Canaccord Genuity is believed to be lead manager of a placement to raise $26 million at 30c per share.

It is understood BlackRock is cornerstoning the placement.

The company had $20.7 million cash at the end of December.

Bellevue's last raising was in August 2019, when it raised $18.5 million at 57c.

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