The undisclosed institutional investors are paying 55c for each new share, a 10% discount on the company's share price prior to going into a trading halt earlier this week.

While Bellevue now has an estimated $30 million in the bank, it's not sitting on its cash with four drill rigs on site and current expenditure averaging around $2 million per month.

As well as work to infill and extend the 1.53 million ounce resource, Bellevue is set to more actively look regionally for additional discoveries.

It's also understood to be assessing dewatering of the historical Bellevue mine for exploration of depth extensions later this year, with such an undertaking having the added value of providing access for likely future mining.

Shares in Bellevue were unchanged at 61c in late morning trade today, capitalising the company at $273 million.

The Tolga Kumova-backed stock was at 19c last September.