UPDATE 1-Birchcliff Energy to sell C$62 mln in stock

* To sell 10 mln shares at C$6.20/shr

* Offering priced at a discount of 4 pct

* To raise gross proceeds of C$62 mln

June 9 (Reuters) - Oil and gas explorer Birchcliff Energy Ltd (BIR.TO) said on Tuesday it plans to sell shares, priced at a discount, to raise capital to pay down its bank debt and to fund a portion of its capital program.

The company plans to sell 8 million of its common shares to a syndicate of underwriters co-led by GMP Securities and Scotia Capital at C$6.20 a share -- a 4 percent discount to Monday's closing price.

Another 2 million common shares will be bought by Canadian billionaire Seymour Schulich by way of private placement at C$6.20 per share. Schulich is Birchcliff's largest shareholder, according to Reuters Data.

The deal, which is being structured as a "bought deal" and private placement, will raise gross proceeds of C$62 million ($55.8 million).

Closing of the deal is expected to occur on or about June 30, the company said in a statement.

Shares of the company, which have gained more than 27 percent in the past three months, closed at C$6.45 Monday on the Toronto Stock Exchange. ($1=1.111 Canadian Dollar) (Reporting by Chakradhar Adusumilli in Bangalore; Editing by Hezron Selvi)