Sona Announces Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/18/13 -- 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
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.
ading 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.
Sona Resources Corp.
+1 (604) 684-6677
+1 (604) 684-6678 (FAX)
Marston Webb International
+1 (212) 684-6601
+1 (212) 725-4709 (FAX)
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