Proceeds to fund exploration of Blackdorne-Elizabeth gold project
By Devika Patel
Knoxville, Tenn., July 17 - Sona Resources Corp. said it plans a C$1.5 million non-brokered private placement of units.
The company will sell 5 million units of one common share and one half-share warrant at C$0.30 per unit.
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 163.16% and 215.79% premiums, respectively, to the July 16 closing share price of C$0.19.
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$1.5 million
|
| Units: | 5 million
|
| 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: | July 17
|
| Stock symbol: | TSX Venture: SYS
|
| Stock price: | C$0.19 at close July 16
|
| Market capitalization: | C$5.27 million
|
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