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Snowfield Development Corp. has arranged a private placement of up to a maximum of 500,000 flow-through shares at a price of 17 cents per flow-through share and up to a maximum of one million non-flow-through units at a price of 17 cents per non-flow-through unit. Each unit will consist of one common share and one non-transferable share purchase warrant. Each warrant will be exercisable for a period of two years and will entitle the holder to purchase one additional common share in the capital stock of the company at 20 cents per share. The gross proceeds of the private placement will be, if fully subscribed, $255,000.
The gross proceeds from the sale of flow-through shares, up to $85,000, are intended to be used to finance programs of exploration on the Ticho project, Drybones Bay area, Great Slave Lake, Northwest Territories, and the gross proceeds from the sale of units, up to $170,000, will be applied to general working capital, including the payment of any applicable finder's fee and the payment of property option payments. Any funds received by Snowfield from the exercise of warrants will be added to general working capital. The private placement will be closed when the documentation is accepted for filing by the TSX Venture Exchange
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.