* To 12.1 mln shrs at C$3.30/shr

* Offering at discount of about 7 pct

Canada's Bellatrix Exploration Ltd (BXE.TO) said it would raise C$40 million ($38.57 million) in bought deal financing to fund expansion of its capital program.

The exploration and production company said it would offer 12.1 million shares at C$3.30 per share, a discount of about 7 percent to the company's Tuesday close.

The underwriters, co-led by National Bank Financial and Wellington West Capital Markets, have an option to buy an additional 1.5 million shares to cover any over-allotment for additional gross proceeds of about C$5 million, the company said.

Separately, Orezone Gold Corp (ORE.TO) said it agreed to issue about C$10-million of common shares, on a bought-deal basis, at 75 Canadian cents a share to fund ongoing exploration and development activities at the company's West African projects.

Shares of the Calgary, Alberta-based Bellatrix, which have gained about 89 percent in the last one month, closed at C$3.55 Tuesday on the Toronto Stock Exchange, while Orezone shares closed at 80 Canadian cents.

($1=1.037 Canadian Dollar) (Reporting by Amit Kumar in Bangalore; Editing by Jarshad Kakkrakandy)

Canada