The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents hereof.
Snowfield Development Corp. ("Snowfield") announced on April 7, 2008 (NR 08-10) that it had negotiated a non-brokered private placement (#41) offering of 750,000 Units at a price of $0.14 per Unit for proceeds of $105,000. Each Unit consisted of one (1) common share and one (1) non-transferable share purchase warrant. Each Warrant would be exercisable for a period of two (2) years from the closing date and would entitle the holder to purchase one (1) additional common share in the capital stock of Snowfield at a price of $0.14 per share during the first year and $0.17 per share during the second year. Robert T. Paterson, the President, Director and insider of Snowfield, was the sole subscriber of this private placement.
The proceeds of $105,00 were applied to programs of exploration on Snowfield's Ticho Project located near the Drybones Bay area, Great Slave Lake, Northwest Territories, approximately 50 km south of Yellowknife, N.W.T. and to working capital for administrative expenses, accounts payable and operational expenses. Any funds received by Snowfield from the exercise of Warrants will be added to general working capital. The private placement was accepted for filing by the TSX Venture Exchange on April 21, 2008. The shares from the Units and the shares from the exercise of Warrants, if any, will be 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.
Next