Sona Closes First Tranche of Private Placement and Reprices Stock Options
All securities issued pursuant to the Private Placement will be subject to a four-month hold period expiring on September 15, 2013. The net proceeds of the financing will be for general corporate expenses and to undertake further exploration at the Blackdome-Elizabeth Gold Project.
The Company also announces that, subject to the approval of the TSX Venture Exchange (the "Exchange"), an aggregate of 695,000 stock options for the purchase of an aggregate of 695,000 common shares of the Company having an exercise price of $1.40 per share have been re-priced to the exercise price of $0.60 per share. Of the 695,000 options granted, 145,000 were granted to non-insiders of the Company and 550,000 were granted to insiders of the Company. As required by the policies of the Exchange, all re-priced options held by insiders of the Company are subject to disinterested shareholder approval at the Company's next annual general meeting of shareholders, which is scheduled for June 6, 2013. All other terms of the stock options, including the option term, remain the same. None of the re-priced options may be exercised prior to receipt of Exchange and disinterested shareholder approvals.
About Sona Resources Corp.
Based in Vancouver, Sona is a junior gold resource company with a focus on bringing its Blackdome-Elizabeth Gold Project into full commercial production. Since its inception in 1990, Sona has engaged in a wide range of mineral exploration activities in Canada, Mexico and the United States, as well as small-scale gold production.
Sona owns a 100 percent interest in the former Blackdome Gold Mine in south-central British Columbia, 250 kilometres north of Vancouver; and the Elizabeth Gold Deposit Property, 30 kilometres south of Blackdome. At Blackdome, the mineral resources are estimated to be 144,500 tonnes grading 11.29g Au/t containing 52,500 oz. gold, indicated; and 90,600 tonnes grading 8.79g Au/t containing 25,900 oz. gold inferred (news release dated May 4, 2010). At Elizabeth, Sona has outlined an inferred gold resource of 523,000 tonnes grading 12.26g Au/t containing 206,100 oz. gold (news release dated June 8, 2009).
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Sona aims to bring the fully permitted Blackdome mill back into production at an initial rate of 200 tonnes per day, with feed from the formerly producing Blackdome Gold Mine and trucking feed from the Elizabeth Gold Deposit Property.
Sona also holds a 100 percent interest in the Montgolfier Project in Quebec, 40 kilometres east of the multimillion-ounce Casa Berardi Mine gold deposit.
On behalf of the Board,
Nick Ferris
Executive Chairman
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.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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.
NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Contact
Sona Resources Corp.
501-3292 Production Way
Burnaby, BC, Canada V5A 4R4
+1 (604) 684-6677
+1 (604) 684-6678 (FAX)
info@sonaresources.com
www.sonaresources.com
Marston Webb International
Victor Webb, Media Inquiries
+1 (212) 684-6601
+1 (212) 725-4709 (FAX)
marwebint@cs.com