SONA CLOSES $600,000 FLOW-THROUGH FINANCING
VANCOUVER, November 9, 2011 - Sona Resources Corp.
("the Company" or "Sona"; TSX-V:SYS, Frankfurt-QS7) is
pleased to announce that it has closed a non-brokered private placement (the "Private
Placement") in the amount of $600,000 with the MineralFields Group.
Pursuant to the Private Placement, the Company issued
an aggregate of 857,142 flow-through units (the "Units") of the
Company. Each Unit is priced at $0.70 and consists of one flow-through common
share and one-half of one transferable warrant (a "Warrant"), with
each whole Warrant entitling the holder to purchase one common share of the
Company until November 9, 2013 at an exercise price of $0.85 in the first 12
months, and at $1.00 thereafter.
In connection with the private placement, Limited
Market Dealer Inc. (the "Finder") has received: (i) an aggregate
34,285 common shares ("Finder's Shares") equal to 4% of the aggregate
Units purchased by subscribers introduced by the Finder to the Company at a
deemed price of $0.70 per Finder's Share; (ii) an aggregate 68,571
non-transferable finder�s warrants ("Finder's Warrants") equal to 8%
of the number of Units purchased by subscribers introduced by LMDI to the
Company, with each Finder's Warrant being exercisable into a common share of
the Company upon the same terms and conditions as the Warrants comprising the
Units.
All the securities of Sona issued in the Private
Placement are subject to a hold period which under the applicable securities
laws and the TSX Venture Exchange policies expires on March 10, 2012.
"We are very pleased to be entering into this
relationship with MineralFields Group", said John P. Thompson, President
& Chief Executive Officer of Sona. "This is an important milestone in
the growth of Sona Resources Corp. and we look forward to working with
MineralFields group as we continue to develop our mineral properties in British
Columbia."
The
net proceeds of the financing will be used to undertake further exploration at the
Elizabeth Gold Property and Blackdome Gold Mine. The Private Placement is
subject to the final acceptance by TSX Venture Exchange.
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 11.29g Au/t and containing 52,600 ounces of gold; and the inferred
resource is estimated at 90,600 tonnes, grading 8.79g 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 two years 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.
About MineralFields, Pathway and First Canadian Securities
MineralFields Group (a division of Pathway Asset Management), based in Toronto,
Vancouver, Montreal and Calgary, is a mining fund with significant assets under
administration that offers its tax-advantaged super flow-through limited
partnerships to investors throughout Canada as well as hard-dollar resource
limited partnerships to investors throughout the world.. The sector focus is on
gold and precious metals, base metals, rare earths and lithium, potash,
uranium, oil, coal and gas. Pathway Asset Management also specializes in the
manufacturing and distribution of structured products and mutual funds
(including the Pathway Multi Series Fund Inc. corporate-class mutual fund
series). Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities � (a division of Limited
Market Dealer Inc.) is active in leading resource financings (both flow-through
and hard dollar PIPE financings) on competitive, effective and service-friendly
terms, and offers investment banking, mergers and acquisitions, and mining
industry consulting, services to resource companies. MineralFields and Pathway have
financed several hundred mining and oil and gas exploration companies to date
through First Canadian Securities, and have raised over $1 billion in their 10
year history.