The 85c per share offer was underwritten by Macquarie, Canaccord Genuity and Goldman Sachs.

Bellevue reported strong demand from domestic and offshore institutions with bids covering the placement amount multiple times.

"The strong demand from institutions around the world reflects the quality of the Bellevue gold project, the exceptional free cashflow generation forecast and the immense potential for further growth," Bellevue managing director Steve Parsons said.

Bellevue has launched a $25 million share purchase plan at the same price.

The stage two feasibility study for the Bellevue gold project in Western Australia outlined capital costs of $267 million for an eight-year operation set to produce 200,000 ounces of gold per annum at all-in sustaining costs of $922 an ounce in the first five years.

The remaining capital costs will be covered by a $200 million loan from Macquarie.

"With the project fully funded to production, we will proceed full-steam ahead with development while maintaining a strong emphasis on further growth by increasing and upgrading the mineral resources and ore reserves," Parsons said.

"The stage two feasibility study is based on a resource of 1.5Moz, which represents just half of the total 3Moz resource base at Bellevue.

"We have already announced a host of high-grade drilling results outside that resource, we have another 14,000 samples awaiting assay and there are now two rigs drilling from underground.

"This multi-pronged approach to expanding the resource is aimed at growing the mine life, which will increase the already-strong financial results forecast in this study."

Shares in Bellevue dropped 7.4% to 87.5c.