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SEMAFO ups bought-deal financing to C$100M due to strong demand

SEMAFO Inc.said April 5 that it has increased the size of its previously announced bought-dealoffering to C$100.0 million from C$75.0 million, now offering 23 million sharesat C$4.35 apiece, due to strong demand,

Initially, the company and the underwriters on the purchase of 17,250,000 commonSEMAFO shares — on a bought-deal basis — at the same price per share.

The underwriters will still have the option to purchase up toan additional 15% of the offering to cover overallotments, if any, exercisable within30 days following the closing of the offering. The financing's closing is expectedon or about April 22, subject to regulatory approvals.

SEMAFO plans to use the proceeds for exploration at the and Natougou gold properties in Burkina Faso, to furtherenhance its financial flexibility with respect to Natougou and for general workingcapital.