UPDATE 2-Sea Dragon raises bought deal offering to C$57 mln

* Raises bought deal size by C$12 mln

* To use proceeds to pay the rest of an acquisition (Recasts, adds details)

March 26 (Reuters) - Canadian oil explorer Sea Dragon Energy Inc (SDX.V) raised its bought-deal size to C$57 million ($55.8 million) as it plans to sell C$12 million more shares to the underwriters.

The company raised the number of shares it would sell by 30 million to 142.5 million shares, at 40 Canadian cents a piece, it said in a statement.

The offer price represents a discount of about 7 percent to the stock's closing price Thursday.

The underwriters are co-led by GMP Securities LP and Thomas Weisel Partners Canada Inc.

Sea Dragon intends to use proceeds from the offering partly to pay the balance of an earlier acquisition.

On Jan. 13, Sea Dragon said it would buy a 50 percent working interest in the Kom Ombo Area Block-2 in Egypt for $45 million from natural gas company Dana Gas Egypt Ltd.

The company said it would pay the remaining $35 million of payment to Dana Gas Egypt using the proceeds from the issue.

The offering is expected to close on or about April 19 and it would also be extended to qualified institutional buyers in the United States.

Shares of the company were nearly flat at 42.5 Canadian cents in afternoon trade on the Toronto Venture Exchange. ($1=1.022 Canadian Dollar) (Reporting by Aftab Ahmed in Bangalore; Editing by Maju Samuel, Gopakumar Warrier) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5828;Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))