At the end of 2011, Sono Resources Inc. (OTC:SRCI) hit an impressive gain. After moving up for a week, last Friday, the stock 
soared 167.92% and its traded volume exceeded 1 million shares. However, the reason for the uptrend is yet unknown.
Historical records show that Sono has not released any news recently and no one is informed on its current operations. The last press release by the company came up on Dec 13, when SRCI reported that its first definitive drilling targets have been generated from the interpretation of the data of the high resolution airborne magnetic survey which was recently acquired. However, despite the optimistic news stock price of SRCI crashed down.
On Dec 23, Sono filed a document with the SEC, announcing that its proposal to amend the Company’s Articles of Incorporation to increase the company’s authorized share capital will not be effectuated unless the proposal is approved by the holders of at least a majority of the voting power of the outstanding shares of our common stock. In connection to this matter, SRCI invited its stockholders to a special meeting on Jan 19, this year. The results of the voting will be seen after that.
Sono Resources Inc. is a mineral exploration company seeking to acquire, explore and develop highly prospective metal projects in Africa. Unfortunately, the company’s quarterly results cannot encourage investors.[BANNER]
As of August 31, Sono has generated minimal revenues from its business operations and has incurred operating losses since inception of $8,6 million. The company requires additional funding to meet its ongoing obligations and to cover anticipated operating losses.
In other words, the ability of SRCI to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the company’s ability to continue as a going concern.
