Bellevue Gold Ltd (ASX:BGL) has entered a trading halt ahead of an imminent capital raising announcement.
The trading halt will be in place until Wednesday March 25 or when an announcement is made to market, whichever occurs earliest.
Managing director Steve Parsons has excercised 20 million Belleve options at a total cost of $775,000 on March 20.
This includes 15 million options with an excercise price of 4 cents and 5 million options with an excercise price of 3.5 cents.
As a result Parsons now holds 30 million Bellevue shares, making him a top five shareholder in the company.
"Highly rewarding journey for all shareholders"
He said he has grown his shareholding to ensure he participated fully in the company's growth on the back of the Belleve Gold Project in WA.
"I have no doubt that the outstanding exploration success we have enjoyed at Bellevue is just the start of what will be a highly rewarding journey for all shareholders and stakeholders.
“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 recently completed its first phase of infill drilling at the Bellevue Gold Project in Western Australia and is now on track to publish a maiden indicated resource in the June quarter, 2020.
Maiden Indicated Resource to underpin economics
The project currently has an Inferred Resource of 2.2 million ounces at 11.3 g/t gold and the infill drilling programme was designed to upgrade the shallow resource areas and selected deeper lodes to the indicated category.
Managing Director Steve Parsons recently said the completion of the infill drilling programme marked another milestone along the path to project development.
He said: “With this key drilling programme now completed, we can move to finalising a maiden Indicated Resource, which will in turn underpin economic studies.”