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On February 21, 2008 (NR 08-05), Snowfield Development Corp. ("Snowfield" or the "Company") announced a Super Flow-Through Private Placement ("Private Placement") with Mineralfields Group ("Mineralfields"). The NR 08-05 stated that the Private Placement amount would be for $2,000,000 consisting of 4,444,444 Flow-Through Units at a price of $0.45 per Flow-Through Unit ("Unit"). Each Unit would consist of (1) One Flow-Through Common Share and One-Half (1/2) of One Transferable Non-Flow-Through Share Purchase Warrant ("Warrant"). Each whole Warrant would be exercisable into one Common share at a price of $0.90 for a period of twenty-four months after closing.
This NR 08-05 also stated that Limited Market Dealer Group Inc. would receive a finder's fee of 5% in the form of Units at a price of $0.45 per Unit and a two (2) year finder's fee option to purchase Units equal to 8% of the number of Units subscribed for at an exercise price of $0.45 per Unit with each Unit consisting of a common share and a warrant exercisable at a price of $0.90 per Common share for a period of twenty-four months after closing. Further, a separately invoiced cash due diligence fee of 3% of the Gross Proceeds would be payable.
The exercise price of the Warrants attached to the 5% finder's fee Units was erroneously stated to be $0.90 per Unit for a period of 24 months. The NR 08-05 should have read that the finder's fee Warrant from the Unit will be exercisable at the price of $0.45 per Common share for a period of twenty-four months after closing.
The Private Placement amount remains at the offering of $2,000,000 consisting of 4,444,444 Units at a price of $0.45 per Unit. Each Unit still consists of (1) One Flow-Through Common Share and One-Half (1/2) of One Transferable Non-Flow-Through Share Purchase Warrant ("Warrant"). Each whole Warrant continue be exercisable into one Common share at a price of $0.90 for a period of twenty-four months after closing.
As per NR 08-05, all shares and warrants shall have a maximum hold period of no more than four (4) months.
The Unit flow-through shares will entitle holders to a 100% Canadian Exploration Expenses deduction, as well as 15% federal tax credit for ongoing grass roots exploration on the Company's Ticho Diamond Project located 55km Southeast of Yellowknife, NWT.
The proceeds of the Private Placement will be applied to further prospecting and delineation drilling of the Mud Lake kimberlite complex, currently open in three directions and identified over 34 acres to date, to expand the known kimberlite body and for exploration drilling of numerous previously identified targets to further test the up ice geochemical/geophysical targets located between approximately 750 metres and 1.5 kilometers northeast of Mud Lake at Swamp, Aspen, Pond, Sipper and Half Moon Lakes.
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.