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Snowfield Development Corp. ("Snowfield") announces that it has negotiated a non-brokered private placement offering of 1,500,000 Units at a price of $0.12 per Unit for proceeds of $180,000.
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 from the closing date 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 $0.20 per share in the second year.
The total private placement will be subscribed for by Mr. Robert Paterson, President and Director of Snowfield, to replace an equal number of shares recently sold privately by Mr. Paterson at a price of $0.12 per share.
The proceeds will be applied to programs of exploration on Snowfield's Ticho Project located near the Drybones Bay area, Great Slave Lake, Northwest Territories, approximately 50 km 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 common shares from the 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.