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Snowfield Development Corp. (the "Company") announces a non-brokered private placement offering (#47) of up to 2,500,000 flow-through common shares ("Flow-Through Shares) at a price of $0.03 per Flow-Through Share and up to 8,000,000 units at a price of $0.025 per unit. Each unit consists of one (1) common 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 eighteen (18) months from the Closing date and will entitle the holder to purchase one (1) additional common share in the capital stock of the Company at a price of $0.05 per share during the first six (6) months and at a price of $0.10 per share during the twelve (12) months.
The proceeds from the sale of the Flow-Through Shares, if fully subscribed, of $75,000.00 will be applied to undertake programs of exploration on the Company's Ticho Project, located near Drybones Bay, approximately 50 km South East of Yellowknife in the Northwest Territories.The proceeds from the sale of the units, if fully subscribed, of $200,000.00 will be applied to working capital for administrative expenses, accounts payable and operational expenses. Funds received by the Company from the exercise of warrants will be added to general working capital.
The private placement will be closed when the final documentation is accepted for filing by the TSX Venture Exchange ("Exchange").
The terms of this private placement are announced in accordance with the Exchange Corporate Finance Bulletin dated November 3, 2008, effective December 15, 2008 and extended to September 30, 2009 on March 6, 2009 whereby the applicable section states:
a) The hold period applied by the Exchange has been modified so as to remove the Exchange hold period except where securities are issued:
i) to directors, officers and promoters;
ii) to persons holding securities carrying more than 10% of voting rights attached to Issuer's securities both immediately before and after the transaction,
and who have elected or appointed or have the right to elect or appoint one or more directors or senior officers of the issuer; or
iii) at a discount greater than 10% to the Market Price.
ON BEHALF OF THE BOARD
"Robert T. Paterson"
President
SNOWFIELD DEVELOPMENT CORP.
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