Bema eyes $3 million, aims at AIM listing

Bema Gold (BGO-T) has arranged a brokered flow-through private placement withCanaccord Capital, Haywood Securities, Sprott Securities and Dundee Securities for gross proceeds of $3 million.

Under the deal, Bema will issue more than 1.3 million flow-through shares at $2.30 apiece.

Bema also plans to seek a listing on the London Stock Exchange’s Alternative Investment Market (AIM). The junior expects shares to begin trading there in the fourth quarter of 2002.

Proceeds from the private placement are earmarked for exploration at the high-grade Monument Bay gold property about 560 km northeast of Winnipeg, Manitoba.

Last month, Bema reported that winter drilling program at Monument Bay extended the high-grade Twin B zone where the company has outlined an initial inferred resource of 500,600 tonnes averaging 18.3 grams gold per tonne. The drilling indicates that the zone plunges 25 to the east, much shallower that originally expected, and remains open to the east and for 100 metres to the west.

Gold mineralization is associated with narrow quartz veins and zones of alteration in the 30-km-long Twin Lakes-Monument Bay deformation zone. The structure cuts through a sequence of overturned volcanic and sedimentary rocks of the Stull Lake greenstone belt.

Bema can earn up to a 70% stake in Monument Bay from Wolfden Resources (YWO-V) by spending $6 million on exploration over three years, paying $225,000 and issuing 150,000 shares.