SONA ANNOUNCES PRIVATE PLACEMENT
VANCOUVER, December 20, 2011 - Sona Resources Corp.
("the Company" or "Sona"; TSX V:SYS, Frankfurt-QS7) is
pleased to announce that it intends to proceed with a non-brokered private
placement of 750,000 units (the "Units") at an offering price of
$0.60 per Unit, for gross proceeds of up to $450,000. 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 $0.90, provided however, that if at any time after 12 months following
the closing, the Company's stock closes on the TSX Venture Exchange at a price
higher than $1.30 for a period of 10 consecutive trading days, then the expiry
date of the Warrants will be accelerated to such date that is 30 calendar days
after the 10th trading day.
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 $0.70.
The net proceeds of the financing will be for general
corporate expenses and to undertake further exploration at the Elizabeth Gold
Property and Blackdome Gold Mine.
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.
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, in south-central British Columbia, 250
kilometres north of Vancouver. At Blackdome, the indicated mineral resources
are estimated at 144,500 tonnes, grading 11.3g Au/t and containing 52,600
ounces of gold; and the inferred resource is estimated at 90,600 tonnes,
grading 8.8g Au/t (news release dated May 4, 2010). At its 100 percent owned
Elizabeth Gold Deposit 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 permitted Blackdome mill back
into production over the next year and a half, at a rate of 200 tonnes per day,
with feed from the formerly 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), based on a gold price of
$950 per ounce over eight years, has estimated a cash cost of $208 per tonne
milled, or $686 per gold ounce recovered.
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.
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.