SONA CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT
VANCOUVER, January 23, 2012 - 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, and
December 30, 2011, it has closed the second and final tranche of its
non-brokered private placement (the "Private Placement") of 60,000
units (the "Units") at an offering price of $0.60 per Unit, for gross
proceeds of $36,000. 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.
In connection with the Private Placement, Global
Securities Corporation (the "Finder") has received: (i) an aggregate
of 4,800 non-transferable finder's warrants (the "Finder's Warrants")
equal to 8% of the number of Units purchased by subscribers introduced by the
Finder to the Company, with each Finde's Warrant being exercisable into a
common share of the Company at a price of $0.70 per share for a period of 24
months after closing; and (ii) a cash finder's fee in the amount of $2,880
equal to 8% of the total subscription amount of the number of Units purchased
by subscribers introduced by the Finder to the Company.
All securities issued pursuant to the Private
Placement will be subject to a four-month hold period expiring on May 21, 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.