On February 14, 2003, Bema Gold Corporation acquired all of the outstanding shares in the capital of EAGC Ventures Corp. by way of plan of arrangement. The completion of the merger results in Bema consolidating the production of EAGC's Petrex gold mines in South Africa, more than doubling Bema's projected annual production in 2003 to approximately 280,000 ounces of gold. Under the arrangement, Bema issued one Bema common share for each EAGC common share, assumed all outstanding options and other convertible securities of EAGC and assumed EAGC's debt of US$40 million for a total transaction value of approximately Cdn. $167 million. Immediately prior to completing the arrangement, Bema disposed of its previous investment in special warrants of EAGC for approximately Cdn. $27 million of gross proceeds. 

Bema Gold Corporation was represented by Tookie Angus and Lynne Charbonneau of the Vancouver office of Fasken Martineau.