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Snowfield Development Corp. (the "Company") announces that it has completed the Non-Brokered private placement announced April 7, 2004, offering up to a maximum of 2,000,000 Units at a price of $0.15 per 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 $0.18 per share during the first year and at a price of $0.25 per share during the second year and that the Shares and Warrants have been issued to the placees.
Upon closing, the Company received subscriptions for 2,000,000 Units for total proceeds of $300,000. Insider, Robert T. Paterson, subscribed for 1,400,335 Units.
The 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 August 7, 2004 to August 28, 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.