Barkerville Gold Mines Ltd. closed the second tranche of a private placement to an underwriting syndicate led by Haywood Securities Inc., raising about C$29.5 million.

Barkerville said Dec. 21 that the proceeds will be used to fund the exploration and development of the Cariboo gold project in British Columbia and for general corporate purposes.

The placement comprised 40,132,581 flow-through shares issued at 50 cents each, 6 million flow-through shares at 40 cents each and 20,554,941 common shares at 34 cents each.

In November, the company entered an agreement with the syndicate for a bought-deal private placement to raise up to C$25 million.