Belo Sun Mining Corp. Announces C$50 Million Bought Deal Financing

On Monday Belo Sun announced something that sounded awfully simliar:

Belo Sun Mining Corp. (TSX:BSX) (the “Company”) has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy on a bought deal basis by way of a short form prospectus, 35,720,000 common shares (the “Common Shares”), at a price of C$1.40 per Common Share for gross proceeds of C$50 million (the “Offering”). The Company has granted the Underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The Offering is expected to close on or about October 5, 2012 and is subject to the Company receiving all necessary regulatory approvals.

Then on Tuesday they terminated the deal saying “existing and new shareholders are best served by the Company not proceeding with the bought deal financing”.

And here we are Thursday, back to square one. Strange.