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Snowfield Development Corp. (SNO TSX-V) ( the "Company") announces that it has negotiated a non-brokered private placement offering of 1,514,000 Flow-Through shares at a price of $0.11 per Flow-Through share and up to 1,100,000 Non-Flow-Through Units at a price of $0.11 per Non-Flow-Through Unit. Each Non-Flow-Through Unit consists of one (1) common share and one (1) non-transferable share purchase 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 a price of $0.15 per common share in the first year and $0.25 in the second year.
The proceeds from the sale of the Flow-Through shares was $166,540 and will be applied to Snowfield's Ticho Project located near the Drybones Bay area, Great Slave Lake, Northwest Territories, approximately 50km south of Yellowknife, N.W.T. and the proceeds from the sale of up to 1,100,000 Non-Flow-Through Units, if fully subscribed, of $121,000 and will be applied to working capital for administrative expenses, accounts payable and operational expenses. 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 final documentation is accepted for filing by the TSX Venture Exchange.
The Flow-Through shares, the common shares from the Non-Flow-Through Units and the common shares from the exercise of Warrants, if any, are subject to a hold period of four (4) months from the distribution date, the expiry date of each Warrant is two (2) years from the closing 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.