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Snowfield Development Corp. (SNO TSX-V) ("Snowfield") announces it has negotiated a non-brokered private placement offering of 140,000 Flow-Through Shares at a price of $0.18 per Flow-Through Share and 1,276,500 Non-Flow-Through Units at a price of $0.18 per Non-Flow-Through Unit ("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 will entitle the holder to purchase one (1) additional common share in the capital stock of the Snowfield at $0.25 per common share.
The gross proceeds of the private placement, fully subscribed, are $254,970. The gross proceeds from the sale of Flow-Through Shares, being $25,200, are being applied to programs of exploration and development of Snowfield's Ticho Diamond Project located near the Drybones Bay area, Great Slave Lake, Northwest Territories, approximately 50km south of Yellowknife, N.W.T. The gross proceeds from the sale of Units, $229,770, are to be applied to general working capital including the payment of property option obligations. 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.
The common shares from the Units and Flow-Through Shares Offering 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, the expiry date is two (2) years from the closing date/acceptance date.
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.