Bellavista Resources Limited (ASX: BVR) has successfully secured binding commitments for a placement, raising AU$1.5 million at a price of AU$0.13 per share. The funds will be earmarked for an initial drilling initiative aimed at testing nickel and copper targets linked to emerging geophysical anomalies within the Brumby project and its neighbouring regional ventures. Notably, all of Bellavista's Directors have expressed their intent to participate in the placement, pending shareholder approval.
The placement gained significant backing from an existing North American institution focused on natural resources, as well as other sophisticated investors with prior involvement. Beyond supporting drilling activities, the raised capital will also be allocated to conducting first-pass metallurgy tests for Brumby's battery and base metal mineralization, as well as for bolstering working capital. Bellavista Resources' strategic utilization of these funds underscores their commitment to advancing exploration efforts and unlocking the potential of the Brumby project and associated regional prospects.
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