Canadian gold company B2Gold has announced plans to raise C$25m through a bought financing deal to fund the development and exploration of its global projects.

The net proceeds will be used to fund the development of assets in Nicaragua and exploration activities in Colombia and Russia, B2Gold said in a statement.

Underwriters Genuity Capital Markets and Macquarie Capital Markets Canada have secured a deal with B2Gold to buy 33,340,000 shares at C$0.75 a share.

The offering is scheduled to close on or about 22 July 2009.

In March this year, B2Gold acquired the Limon mine and the mothballed Orosi Mine in Nicaragua from Central Sun Mining.