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Snowfield Development Corp. ("Snowfield") announced on September 19, 2006 (NR 06-38) and January 12, 2007 (NR07-02) that it had negotiated and revised a non-brokered private placement offering of 1,500,000 Units at a price of $0.135 per Unit for proceeds of $202,500. Each Unit consisted of one (1) common share and one (1) non-transferable share purchase warrant. Each Warrant was to be exercisable for a period of two (2) years from the closing date and would entitle the holder to purchase one (1) additional common share in the capital stock of the Snowfield at a price of $0.18 per common share. Robert T. Paterson, the President, Director and insider of the Company, was the sole subscriber of this private placement.
The proceeds of $202,500 were 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 common shares from the Units and the common shares from the exercise of Warrants, if any, will be 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. The private placement was accepted for filing by the TSX Venture Exchange on January 17, 2007.
Snowfield also announced on November 27, 2006 (NR 06-44) then on December 5, 2006 (NR06-45) it has negotiated and revised a non-brokered private placement offering of up to 4,000,000 Units at a price of $0.15 per Unit and 3,000,000 Flow-Through Shares at a price of $0.15 per Flow-Through Share. Each Unit consists of one (1) common share (a "Non-Flow-Through Share") in the capital of the Company and one (1) non-transferable share purchase warrant ("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 Non-Flow-Through common share in the capital stock of the Company at a price of $0.15 per share during the first year and at a price of $0.25 per share during the second year. Per TSX Venture Exchange Policy 5.1(3), finders' fees of $4,500 and $19,417.50 for a total of $23,917.50 were payable to Canaccord Capital Corp. and Northern Securities Inc. respectively.
The proceeds from the sale of the Units, fully subscribed, of $654,005.40 are being applied to pay accounts payable and accrued liabilities and to reserve for administrative costs and working capital. Any funds received by the Company from the exercise of Warrants will be added to working capital. The proceeds from the sale of the Flow-Through Shares of $300,574.95 are being applied to undertake programs of exploration and development on the Company's Drybones Bay, N. W. T. diamond exploration properties. The Non-Flow-Through Shares from the Units and the Non-Flow-Through Shares from the exercise of Warrants, if any, and the Flow-Through Shares 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. The private placement was accepted for filing by the TSX Venture Exchange on January 24, 2007.
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.