VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 9, 2016) - Skeena Resources Limited ("Skeena") (TSX VENTURE:SKE) and Sona Resources Corp. ("Sona") (TSX VENTURE:SYS) are pleased to announce that Sona received the overwhelming approval of its shareholders at the annual general and special meeting (the "Meeting") held today to consider, among other matters, the previously announced acquisition of Sona by Skeena by way of a plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia).
Sona will be seeking a final order of the British Columbia Supreme Court to approve the Arrangement. The final order is expected to be granted on or about Tuesday, September 13, 2016 (or such later date as may be agreed upon by Sona and Skeena) with the Arrangement anticipated to become effective shortly thereafter. Completion of the Arrangement is subject to the satisfaction of certain other closing conditions customary of a transaction of this nature. Under the terms of the Arrangement, Skeena will acquire all of the issued and outstanding common shares of Sona in exchange for 0.5111 of a Skeena common share for each Sona share that is outstanding. It is further anticipated that shortly after the completion of the Arrangement, Sona's common shares will be delisted from the TSX Venture Exchange and that applications will be filed for Sona to cease to be a reporting issuer under Canadian securities laws.
Of the votes cast by Sona shareholders and Sona optionholders at the Meeting, 99.98% voted in favour of the special resolution approving the Arrangement. A total of 43.90% of the issued and outstanding shares of Sona and 97.38% of the issued and outstanding options were voted at the meeting.
Details of the Arrangement and certain other matters are set out in the management information circular of Sona dated August 9, 2016 (the "Information Circular"). A copy of the Information Circular and other meeting materials can be found on the SEDAR website at www.sedar.com.
Skeena Resources Limited is a junior Canadian mining exploration company focused on developing prospective base and precious metal properties in the Golden Triangle region of northern British Columbia, Canada. The Company's primary activities are the evaluation and development of the Spectrum gold project and adjacent GJ copper-gold project as well as exploration on the recently optioned past-producing Snip gold mine, acquired from Barrick Gold Corp. Skeena's management includes a highly experienced team of mine-finders, including Ron Netolitzky, Chairman of the Board.
About Sona Resources Corp.
Sona's primary asset is the past-producing underground Blackdome gold mine, located in the Clinton Mining District in southwestern British Columbia. From 1986 to 1989 Blackdome produced 225,000 ounces of gold from a low-sulphidation, gold-and-silver-rich epithermal vein system at a head grade of 20 grams per tonne Au. Blackdome includes a permitted 300 tonne-per-day conventional gravity separation and flotation mill and tailings facility, a large land package, in addition to a series of known mineralized veins with excellent year-round exploration potential. Additionally, Sona has an option to acquire a 100% interest in the adjacent Elizabeth gold prospect. In 2010, Micon International Limited completed a Preliminary Economic Assessment on behalf of Sona (available on SEDAR under Sona's profile) based on the combined resources from both Elizabeth and Blackdome, under a proposal to truck ore to the Blackdome mill for processing.
The technical information contained in this news release has been reviewed and approved by Rupert Allan, P.Geol., Skeena's Vice President of Exploration, and a Qualified Person as defined by National Instrument 43-101.
On behalf of Skeena Resources Limited,
Walt Coles Jr., President and CEO
On behalf of Sona Resources Corp.
Nick Ferris, Managing Director
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward looking statements relating to the timing and anticipated receipt of required regulatory and court approvals for the Arrangement; the ability of Skeena and Sona to satisfy the other conditions to, and to complete, the Arrangement; and the anticipated timing of the closing of the Arrangement. Forward looking statements are often identified by terms such as "will", "may", "should", "intends", "anticipates", "expects", "plans" and similar expressions. All statements other than statements of historical fact, included in this release are forward looking statements that involve risks and uncertainties. These risks and uncertainties include, without limitation, the risk that the transaction may not close when planned or at all or on the terms and conditions set forth in the arrangement agreement entered into by Sona and Skeena; the failure to obtain the necessary court, regulatory and other third party approvals required in order to proceed with the transaction. There can be no assurance that any forward looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Neither Skeena nor Sona can guarantee that any forward looking statement will materialize and the reader is cautioned not to place undue reliance on any forward looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward looking statements contained in this news release are expressly qualified by this cautionary statement. The forward looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly any of the included forward looking statements as expressly required by Canadian securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.