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SYS

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Share Name Share Symbol Market Type
TSXV:SYS TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Sona Closes Second Tranche of Private Placement

23/01/2012 5:29pm

Marketwired Canada


Sona Resources Corp. (the "Company" or "Sona") (TSX VENTURE: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 Finder'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.


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.


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