The company will place 45 million shares at 34c per share to institutional investors.

The issue price represents a 5.5% discount to the last closing price of 36c.

Canaccord Genuity acted as sole lead manager and bookrunner to the placement, with Sprott Capital Partners and Patersons Securities as co-managers to the placement.

Bellevue said the placement received strong support from institutional investors in North America, including a number of specialist global gold funds, as well existing institutional and sophisticated investors in Australia and Asia.

Bellevue managing director Steve Parsons has been marketing in Hong Kong this week.

"We would like to welcome a number of new institutional investors onto our share register and thank our existing shareholders for their ongoing support," he said.

"We were particularly pleased with the level of support from a number of pre-eminent precious metal investors based in North America.

"We are now well placed to continue to rapidly advance drilling activities at Bellevue, including the very high grade Viago Lode."

Bellevue had $4.4 million cash at the end of September. Its last placement was in March when it raised $8 million at 20c.

Shares in Bellevue rose to an all-time high of 42c on Monday after the company reported a rise in resources at its namesake project in WA to 1 million ounces.

The increase included a maiden resource for the Viago Lode of 800,000 tonnes at 22 grams per tonne gold for 550,000 ounces of gold.

Viago was only discovered four months ago and at 22gpt, is one of the world's highest grade gold discoveries.

Bellevue estimates only Kirkland Lake Gold's Swan Zone at Fosterville with a reserve grade of 60gpt has a higher grade in Australia.

The maiden Viago estimate takes the resource for the Bellevue project to 2.6Mt at 12.3gpt gold for 1.04Moz, using a 3.5gpt cut-off.

Bellevue is planning a further resource upgrade in the March quarter.

"We view the potential for Bellevue delivering a 1.5-2Moz resource in less than 12 months as high, and using this as a basis, assume a minimum of 50% (mid-point) of the resource converting into minable ounces as part of 2019 feasibility studies," Canaccord analyst Tim McCormack said.

"As a result, our modelling assumes first gold production by early 2021, with the project forecast to produce circa 150,000oz per annum at an all-in sustaining cost of $850/oz for an initial 5.5 years.

"While we acknowledge the basis of our modelling is heavily assumption based, should Bellevue hit our resource expectations in 2019, the conversion factors deriving our production profile and input costs remain conservative."

Canaccord is valuing Bellevue at 65c per share.

Shares in Bellevue emerged from a trading halt to jump 9.7% to 39.5c.