Saw this on the BGL announcement today.The same folks who are...

Saw this on the BGL announcement today.
The same folks who are taking up positions here are selling down some holdings over there.
May not be related but since we're tracking the management, it may be something.

CAPITAL RAISING OVERVIEW & TIMETABLEASX: BGL | 6FULLY UNDERWRITTEN INSTITUTIONAL PLACEMENT TO RAISE APPROXIMATELY A$18.5 MILLIONDETAILS OF CAPITAL RAISINGOffer Structure & Size•Fully underwritten institutional placement (“Placement”) to raise approximately A$18.5 million•Approximately 32.4 million new Bellevue shares to be issued under the Placement, which will rank equally with existing Bellevue shares (“New Shares”).Offer Price•Offer Price of A$0.57 per New Share, which, as at the last closing price of 23 July 2019, represents a:o8.8% discount to the last closing price of A$0.625; ando9.0% discount to the 5-day VWAP of A$0.627.o9.3% discount to the 10-day VWAP of A$0.628.Use of Proceeds•Proceeds from the Capital Raising will be used to fund:oOngoing step out exploration and infill drilling at the Company’s flagship Bellevue Gold Project;oPotential pre-development activities; andoFor general working capital requirements.Underwriter•Canaccord Genuity (Australia) Limited is the sole underwriter, bookrunner and lead manager

Director Sell-Down•Concurrent with the Placement, the Directors3(Steve Parsons, Ray Shorrocks and Michael Naylor) intend to sell up to approximately 12.0 million shares in the Company at the Offer Price for total proceeds of up to approximately $6.8 million (“Director Sell-Down”). The Director Sell-Down would result in up to 19.79% of the Directors3aggregate holdings2in the Company and 1.97% of the total fully diluted share capital of Bellevue being sold.