sonaresources.com
Sona Resources Corp. is a junior resource company based in Vancouver, British Columbia, specializing in gold exploration, development and mining in North America. The Sona board of directors and management have decades of combined experience in the mineral exploration and mining industry, and in managing and financing junior exploration companies.
Since its inception in 1990, Sona has engaged in exploration activities at its 100 percent owned mineral properties in Canada and the United States, as well as small-scale gold production at its flagship property, the Blackdome Gold Mine, in south-central B.C. Since 2002 at its Elizabeth Gold Property, 220 kilometres north of Vancouver, Sona has completed four diamond drill programs that have outlined a 206,000-ounce inferred gold resource.
Sona Resources closes second tranche of private placement financing
Sona Resources Corp. (CVE:SYS) said Monday it has closed the second and final tranche of its non-brokered private placement financing, for gross proceeds of $36,000.
The tranche consisted of 60,000 units at an offering price of 60 cents per unit. Each unit consisted of one common share and one half of one transferable share purchase warrant, with each warrant entitling the holder to purchase an additional common share at a price of 90 cents each for two years following the closing date.
An accelerated expiration date for the warrants can be triggered should the company's shares trade on the TSX Venture Exchange at greater than $1.30 for a period of 10 consecutive trading days, the company said.
A cash finder's fee and finder's warrants were paid out in connection with the offering.
The first tranche of the private placement, which closed in late December, consisted of the issuance of 500,000 units at a purchase price of $0.60 per share, for gross proceeds of $300,000.
All proceeds from the financing will be used for exploration and development work on the company's Elizabeth gold property, and its Blackdome gold mine, each in British Columbia.
At Blackdome, which is located 250 kilometres north of Vancouver, indicated mineral resources are estimated at 144,500 tonnes, grading 11.3 g/t, containing 52,600 ounces of gold. Inferred resources are estimated at 90,600 tonnes, grading 8.8 g/t gold.
The company is aiming to bring the property back into production over the next year and a half at a rate of 200 tonnes per day, with feed from the Blackdome mine, as well as its Elizabeth gold deposit, just 30 kilometres south of Blackdome.
At Elizabeth, Sona has outlined an inferred gold resource of 522,900 tonnes, grading 12.3 g/t gold, containing 206,100 ounces.
Last November, the company said it completed the latest surface diamond drilling program at its Blackdome gold property, uncovering a whole new potential gold area.
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.
