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Snowfield Development Corp. ("Snowfield" or the "Company") announced on April 9, 2007 (NR 07-15) 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 consisted of one (1) common share and one (1) non-transferable share purchase warrant ("Warrant"). Each Warrant is exercisable for a period of two (2) years from the closing date and will entitle the holder to purchase one (1) additional common share at a price of $0.40 per share during the first year and $0.50 per share during the second year.
The proceeds from the sale of 1,500,000 Units was $450,000 and was 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 shares from the Units and the shares from the exercise of Warrants, if any, are subject to a hold period of four (4) months from the distribution date, up to September 8, 2007. The expiry date of each Warrant is two (2) years from the closing date. Per Exchange Policy, finders' fees of $4,353.60 were payable to Canaccord Capital Corp. The private placement was accepted for filing by the Exchange on May 14, 2007.
In addition, Snowfield announced on June 12, 2007 (NR 07-17) and June 14, 2007 (NR 07-18) it has negotiated and oversubscribed a non-brokered private placement offering of 1,866,666 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. Each Unit consisted 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 Share at a price of $0.40 per share for the ensuing two years.
A subsequent increase in the subscription of Units lead to a final sale of 1,886,666 Units for proceeds of $566,000.00. The proceeds from the sale of Units 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. Robert T. Paterson, an Insider of he Company, has subscribed for 203,333 Flow-Through Shares. The Non-Flow-Through Shares from the Units, 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, up to November 10, 2007. The expiry date of each Warrant is two (2) years from the closing date. The private placement was accepted for filing by the Exchange on July 13, 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.