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As previously announced in news release 06-10 Snowfield Development Corp. ("Snowfield") has negotiated a non-brokered private placement offering of up to 2,700,000 Units at a price of $0.15 per Unit. Each 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.
In conjunction with this private placement, Mr. Robert Paterson, President and Director, has negotiated the sale of 500,000 common shares of Snowfield at a price of $0.13.5 per share through the facilities of the TSX Venture Exchange, a "gypsy swap". Net proceeds of this sale will be used to purchase an equivalent dollar amount of the private placement.
The proceeds from the sale of the Units, if fully subscribed, of $405,000 will be applied to programs of exploration on Snowfield's Ticho Project located near the Drybones Bay area, Great Slave Lake, Northwest Territories, approximately 50km south of Yellowknife, N.W.T. and 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 Units shares 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.