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Sona Resources to raise $600,000 to fund exploration for its B.C. projects

Junior mineral explorer Sona Resources (CVE:SYS) said Wednesday that it plans to raise $600,000 through a non-brokered private financing, which the proceeds will be used to fund exploration at its Blackdome gold mine, in British Columbia. 

The company’s flagship Blackdome gold mine property rests 250 kilometres north of Vancouver. It has an estimated indicated resource of 144,500 tonnes grading 11.29 grams per tonne (g/t) of gold and contains 52,600 ounces of gold; and an inferred resource of 90,600 tonne grading 8.79 of gold g/t. 

Sona said it plans to sell 857,142 flow-through shares for 70 cents per unit.

Each unit consists of one flow-through share and one-half of one warrant, of Sona Resources with each whole warrant giving the holder a right to buy an extra share for 85 cents in the first 12 months, and $1 afterwards.

In addition, the company said finders may get finder’s shares equal to four percent of the total units sold and finder’s warrants equal to eight percent of the number of units purchased.

Profits from the financing will go towards exploration at the Elizabeth gold property and Blackdome gold property, the company said. 

The securities issued are subject to a four-month hold period, and the private placement is also subject to junior Venture Exchange approval.

Sona traded flat at 69 cents Wednesday afternoon on the junior Venture Exchange.