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Snowfield Development Corp. (the "Company") announces it has completed the non-brokered private placement announced November 20, 2003, and January 7, 2004, offering up to a maximum of 104,000 Flow-Through Shares (the "Share/s") at a price of $0.15 per Flow-Through Share and up to a maximum of 2,250,000 Non-Flow-Through Units at a price of $0.15 per Non-Flow-Through Unit; each Unit consisting of one (1) common share (the "Share/s") and one (1) non-transferable share purchase warrant ("Warrant/s"); each Warrant exercisable for a period of two (2) years and entitles the holder to purchase one (1) additional common share in the capital stock of the Company at $0.20 per share during the first year and at a price of $0.30 per share during the second year and that the Shares and Warrants have now been issued to the placees.
Upon closing, the Company received subscriptions for 104,000 Flow-Through Shares and 2,249,410 Non-Flow-Through Units for total proceeds of $353,011.50. Insiders, Robert T. Paterson subscribed for 900,000 Units, Seven Oaks Properties Ltd. subscribed for 100,000 Units and Marvin A. Mitchell subscribed for 24,000 Units.
The Flow-Through common shares, the Non-Flow-Through common shares from the Units and the common shares from the exercise of Warrants, if any, are subject to a hold period of four (4) months from the agreement/payment date, expiry dates varying from April 9, 2004 to June 6, 2004.
ON BEHALF OF THE BOARD
"Robert T. Paterson"
President
SNOWFIELD DEVELOPMENT CORP.
THE CANADIAN VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENTS HEREOF.