Bema arranges bought-deal financing

Bema Gold (BGO-T) has entered into a bought-deal financing with a syndicate of firms led by Canaccord Capital and Haywood Securities, worth an initial $5 million, with an option that could gross as much as $16 million.

Bema will issue 3.1 million units priced at $1.60 each. The underwriters will have the option to buy up to an additional 6.9 million units at the issue price.

Each unit consists of one share and half a warrant. A whole warrant entitles the owner to buy an additional share at $2 for 18 months.

Proceeds are earmarked for general working capital.