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Sona Resources Corp.: Private Placement

17.02.2011  |  Marketwire

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/17/11 -- Sona Resources Corp. (the 'Company' or 'Sona') (TSX VENTURE: SYS)(FRANKFURT: QS7) 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.

Contacts:

Sona Resources Corp.

1 (888) 236-5200

1 (604) 684-6678 (FAX)
info@sonaresources.com
www.sonaresources.com


Marston Webb International

Victor Webb/Madlene Olson

1 (212) 684-6601

1 (212) 725-4709 (FAX)
marwebint@cs.com



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