The company said it would use $US8 million ($A7.6 million) of the raising to pay down outstanding capital expenditure invoices on the plant, which experienced a delay in commissioning last year.
 
The remainder of the funds will be used to bolster Beadell’s balance sheet and cash reserves.
 
The placement price was set by way of an institutional book build, which cleared at 91c per new share. Beadell says there has been strong demand from domestic and international investors.
 
Settlement is expected on April 4, with allotment expected on April 5.
 
A $110 million debt facility was fully drawn by Beadell in December after commissioning of the gold plant.
 
Beadell expects to repay $72 million of this by December through future cash flows of the plant, which the company said was performing well above its nameplate capacity of 3.5 million tonnes per annum.
 
Beadell managing director Peter Bowler said the Tucano plant had strong operational cash flows during its first three months of production and had exceeded expectations in throughput and recovery results.
 
Global resources at Tucano total 114.1Mt at 1.4 grams per tonne gold for 5.1 million ounces of gold.
 
This includes 35.5Mt at 1.1gpt gold for 1.3Moz of oxide, which will form the main ore source for the first 3-4 years of the operation, followed by the primary ore, which comprises a resource of 64.4Mt at 1.6gpt for 3.3Moz of gold.
 
Beadell was trading down 2.7% today at 91c.