Bellevue Gold has been targeted by several unsolicited takeover approaches and appointed a team to review future bids, the struggling miner said, after tapping shareholders for $156 million following another production downgrade.
The embattled West Australian group has been caught out by the soaring price of gold, and will use more than $110 million of the cash raised to escape from forward hedging contracts agreed for an average of $US2135 per ounce – far below the current price of above $US3220.
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