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Snowfield Development Corp. ("Snowfield" or the "Company") announces that it has negotiated a non-brokered private placement offering of up to 1,500,000 Units at a price of $0.30 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 $0.40 per share during the first year and at a price of $0.50 per share during the second year.
The proceeds from the sale of up to 1,500,000 Units, if fully subscribed, is $450,000 and will be applied to continued exploration expenditures 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, accrued liabilities, accounts payable and operational expenses. 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.