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Snowfield Development Corp (TSX: SNO) announced on August 20, 2004 a non-brokered private placement of up to a maximum of 500,000 Flow-Through Shares at a price of $0.17 per Flow-Through Share and up to a maximum of 1,000,000 Non-Flow-Through Units at a price of $0.17 per Non-Flow-Through Unit. Each Unit was to consist of one (1) common share and one (1) non-transferable share purchase warrant ("Warrant"). Each Warrant was to be exercisable for a period of two (2) years and would entitle the holder to purchase one (1) additional common share in the capital stock of the Company at a price of $0.20 per share.
The proposed private placement #19 is hereby revised and the Company announces that it has completed subscriptions for 1,087,471 Flow-Through Shares at a price of $0.17 per Flow-Through Share and subscriptions for 2,728,176 Non-Flow-Through Units at a price of $0.17 per Non-Flow-Through Unit. Each Unit consists of one (1) common share and one (1) non-transferable share purchase warrant ("Warrant"). Each Warrant will be 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 a price of $0.25 per share.
The gross proceeds from the private placement #19 of 1,087,471 Flow-Through Shares at a price of $0.17 per Flow-Through Share was $184,870, which amount will be expended on programs of exploration on the Company's Ticho Project Properties, Drybones Bay area, Great Slave Lake, Northwest Territories. The gross proceeds from the private placement of 2,728,176 Non-Flow-Through Units at a price of $0.17 per Non-Flow-Through Unit was $463,790, which amount has been applied to general working capital, the payment of property option payments and programs of exploration on Snowfield's Ticho Project Properties. Any funds received by the Company from the exercise of Warrants will be added to general working capital. The private placement #19 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.