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Snowfield Development Corp. ("Snowfield" or the "Company") announced on June 19, 2008 with NR 08-20 the combined private placement offering (#44) of 3,500,000 units at a price of $0.21 per unit. Each unit comprised of two (2) non-flow-through common shares ("shares"), one (1) flow-through common share ("flow-through share") and two (2) non-transferable, non-flow-through share purchase warrants ("warrants"). 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 the Company at a price of $0.12 per share in the first year and $0.15 per share during the second year. The President and insider of the Company, Robert Paterson, has subscribed for 1,250,000 units.
The proceeds of the combined private placement from the sale of 1,750,000 units of $367,500 was applied to programs of exploration on the Company's Ticho Project located near the Drybones Bay area, Great Slave Lake, Northwest Territories, approximately 50km southeast of Yellowknife, N.W.T. and to working capital for administrative expenses, accounts payable and operational expenses. The combined private placement was closed when the final documentation was accepted for filing by the TSX Venture Exchange.
Funds received by the Company from the exercise of warrants will be added to general working capital. The shares from the units, the shares from the exercise of warrants and the flow-through shares were subject to a hold period of four (4) months from the various distribution dates, being October 21, 2008 to November 17, 2008. 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.
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