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SSnowfield Development Corp. (the "Company") announces that it has negotiated and fully subscribed a non-brokered private placement offering of 3,500,000 Units at a price of $0.25 per Unit. Each Unit consists of one (1) common 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 common share in the capital stock of the Company at a price of $0.25 per share during the first year and at a price of $0.35 per share during the second year.
The fully subscribed proceeds from the sale of the Units were $875,000.00, which will be applied to undertake programs of exploration and development on the Company's Drybones Bay, Northwest Territories diamond exploration properties, 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 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.