Bellavista Resources (ASX:BVR) secured firm commitments to raise AU$35 million through a two-tranche placement, issuing up to 46.7 million new shares at AU$0.75 each, representing a nearly 12% discount to the stock's 15-day volume-weighted average price, according to a Wednesday Australian bourse filing.

The placement target was increased from an initial AU$25 million due to strong investor demand, per the filing.

Tranche one is expected to raise around AU$19 million by issuing 25.5 million shares, while tranche two aims to raise about AU$16 million through 21.2 million shares, subject to shareholder approval, the filing said.

The funds will be used to exercise the PC Gold earn-in, carry out an aggressive exploration program at the Pickle Crow and Sioux lookout projects, advance ongoing exploration at the Brumby Project, and cover corporate expenses and general working capital, the filing added.

The company's shares rose around 9% in recent Wednesday trade.