Proceeds to fund exploration of Blackdorne-Elizabeth gold project
By Devika Patel
Knoxville, Tenn., May 1 - Sona Resources Corp. said it amended the terms of a C$2 million non-brokered private placement of units. The deal priced on March 18.
The company will now sell 6,666,667 units of one common share and one half-share warrant at C$0.30 per unit. It previously planned to sell 5 million units at C$0.40 apiece.
Each two-year warrant is exercisable at C$0.50 in the first year and at C$0.60 in the second year. The strike prices represent 6.38% and 27.66% premiums to the March 12 closing share price of C$0.47.
Proceeds will be used for general corporate expenses and exploration at the Blackdorne-Elizabeth Gold Project.
Vancouver, B.C.-based Sona is a gold exploration company.
| Issuer: | Sona Resources Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2 million
|
| Units: | 6,666,667
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike prices: | C$0.50 in the first year and C$0.60 in the second year
|
| Agent: | Non-brokered
|
| Pricing date: | March 18
|
| Amended: | May 1
|
| Stock symbol: | TSX Venture: SYS
|
| Stock price: | C$0.47 at close March 13
|
| Market capitalization: | C$5.05 million
|
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