VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 18, 2013) - Sona Resources Corp. ("the Company" or "Sona") (TSX VENTURE:SYS)(FRANKFURT:QS7) is pleased to announce that it intends to proceed with a non-brokered private placement of up to 5,000,000 units (the "Units") at an offering price of $0.40 per Unit, for gross proceeds of up to $2,000,000. Each Unit will consist of one common share and one-half of one warrant (a "Warrant"), with each whole Warrant entitling the holder to purchase, for a period of 24 months following the closing date, one additional common share of the Company at a price of $0.50 for the first 12 months and $0.60 thereafter.
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 ("Finder's Warrants") equal to 8% of the number of Units purchased by subscribers introduced by the finders to the Company. Each Finder's Warrant will be exercisable into a common share of the Company, for a period of 24 months following the closing date, at a price of $0.50.
The net proceeds of the financing will be for general corporate expenses and to undertake further exploration at the Blackdome-Elizabeth Gold Project.
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.
About Sona Resources Corp.
Based in Vancouver, Sona is a junior gold resource company with a focus on bringing its Blackdome-Elizabeth Gold Project into full commercial production. Since its inception in 1990, Sona has engaged in a wide range of mineral exploration activities in Canada, Mexico and the United States, as well as small-scale gold production.
Sona owns a 100 percent interest in the former Blackdome Gold Mine in south-central British Columbia, 250 kilometres north of Vancouver; and the Elizabeth Gold Deposit Property, 30 kilometres south of Blackdome. At Blackdome, the mineral resources are estimated to be 52,500 oz. gold, grading 11.29g Au/t indicated; and 25,900 oz. gold, grading 8.79g Au/t inferred (news release dated May 4, 2010). At Elizabeth, Sona has outlined an inferred gold resource of 206,100 oz. gold, grading 12.3g Au/t (news release dated June 8, 2009).
Sona aims to bring the fully permitted Blackdome mill back into production at an initial rate of 200 tonnes per day, with feed from the formerly producing Blackdome Gold Mine and trucking feed from the Elizabeth Gold Deposit Property.
On February 13, 2013, Sona announced that it has signed a memorandum of understanding ("MOU") with China Machinery Engineering Corporation of Beijing for an engineering, procurement and construction contract ("EPC"). The purpose of the EPC is to facilitate development of Sona's Blackdome-Elizabeth Gold Project. On March 13, 2013, Sona announced that the MOU had been extended to May 31, 2013.
Sona also holds a 100 percent interest in the Montgolfier Project in Quebec, 40 kilometres east of the multimillion-ounce Casa Berardi Mine gold deposit.
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
On behalf of the Board,
Nick Ferris, Executive Chairman
This news release contains certain forward-looking statements, and such statements involve risks and uncertainties. The results or events predicted may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results, or any other occurrence.
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.