|
Sona
Resources Corp. (the "Company" or "Sona")
(TSX VENTURE:SYS - News; FRANKFURT:QS7 - News) announces that, further to
its news release dated January 20, 2011, the Company is proceeding with its
non-brokered private placement, pursuant to which the Company will issue an
aggregate of up to 1,363,636 units. The "Units" priced at $1.10 per
Unit, will raise gross proceeds of up to $1,499,999.60 (the "Private
Placement").
Every
Unit will consist of one common share, and one-half of one common share
purchase warrant. Each warrant will entitle the holder to acquire an
additional common share of the Company for a period of 24 months, following
the date of issuance of the Unit at a price of $1.50 per share.
A
finder's fee equal to 8% of the gross proceeds raised may be paid to certain
finders for part of the Private Placement. Additionally, certain finders may
receive finder's warrants equal to 8% of the number of Units purchased by
subscribers introduced to the Company.
The
Private Placement is subject to TSX Venture Exchange approval, and the securities
issued pursuant to the Private Placement, will be subject to a four-month
hold period.
The
net proceeds from the sale of the Units shall be used for working capital and
for general corporate purposes.
About
Sona Resources Corp.
Since
its inception in 1990, Sona has engaged in
exploration activities at its mineral properties in Canada and the United
States, as well as small-scale gold production at its flagship property, the
100 percent owned Blackdome Gold Mine ("Blackdome"), in south-central British Columbia, 250 kilometres north of Vancouver. At Blackdome,
the indicated mineral resources are estimated to be 144,500 tonnes, grading 11.29g Au/t and containing 52,600 ounces
of gold, and the inferred resource is estimated to be 90,600 tonnes, grading 8.79g Au/t (news release dated May 4,
2010). At its 100 percent owned Elizabeth Gold Property, 30 kilometres south of the Blackdome
Gold Mine, Sona has outlined an inferred gold
resource of 522,900 tonnes, grading 12.3g Au/t and
containing 206,100 ounces of gold (news release dated June 8, 2009).
Sona
aims to bring its fully permitted Blackdome mill
back into production over the next three years at a rate of 200 tonnes per day, with feed from the former-producing Blackdome Gold Mine and the Elizabeth Gold Deposit
Property. A positive Preliminary Economic Assessment by Micon
International Ltd. (news release dated May 28, 2010), at a gold price of $950
per ounce over an eight-year period, has estimated pre-tax cash flow of $27
million and pre-production capital costs of $21 million.
Sona
also holds a 100 percent interest in the Montgolfier Project located in
Quebec, 40 kilometres east of the
multimillion-ounce Casa Berardi Mine gold deposit.
On
behalf of the Board,
Nick
Ferris, Executive Chairman
Neither
the TSX Venture Exchange nor its regulation services provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Contact:
+1 (888) 236-5200
Sona Resources Corp.
+1 (604) 684-6678 (FAX)
info@sonaresources.com
www.sonaresources.com
|