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Snowfield Development Corp. (the "Company") discloses that the non-brokered private placement announced on June 12, 2007 (NR07-17) of 1,666,666 Units at a price of $0.30 per Unit and 570,000 Flow-Through Shares at a price of $0.30 per Flow-Through Share was oversubscribed by 200,000 Units. 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 $0.40 per share for the ensuing two years.
The increased proceeds from the sale of 1,866,666 Units to $560,000.00 will be 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 $171,000 will be applied to undertake programs of exploration and development on the Company's Drybones Bay, N. W. T. diamond exploration properties. The private placement is fully subscribed and documentation is being submitted for acceptance and filing by the TSX Venture Exchange.
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) year 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.