SONA CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
Sona Resources Corp. (the "Company" or "Sona"; TSXV - SYS, Frankfurt-QS7) is pleased to
announce that, further to its news release of December 20, 2011, it has closed
the first tranche of its non-brokered private placement (the "Private
Placement") of 500,000 units (the "Units") at an offering price
of $0.60 per Unit, for gross proceeds of $300,000. Each Unit consists of one
common share and one-half of one transferable share purchase warrant (each
whole warrant, a "Warrant"), with each Warrant entitling the holder
to purchase, at an exercise price of $0.90, an additional common share of the
Company for a period of 24 months following the closing date, provided however,
that if, commencing on that date that is 12 months from the closing date, the
closing price of the Company's common shares on the TSX Venture Exchange is
greater than $1.30 for a period of ten consecutive trading days (the tenth such
trading day being the "Acceleration Trigger Date"), then the expiry
date of the Warrants shall be accelerated to such date as is 30 calendar days
following the Acceleration Trigger Date.
All securities issued pursuant to the Private
Placement will be subject to a four-month hold period expiring on May 1, 2012.
The proceeds of the financing will be used for exploration and development work
on the Elizabeth Gold Property and the Blackdome Gold
Mine, and for working capital requirements.
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.