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Snowfield Development Corp. (the "Company"), announced a non-brokered private placement offering (#48) on September 3, 2009 of up to an aggregate of 20,000,000 common shares and 17,800,000 warrants by selling subscription of up to 17,800,000 units ("Units") at a price of $0.015 per unit and up to 2,200,000 flow-through common shares ("Flow-Through Shares") at a price of $0.015 per Flow-Through Share. Each Unit consisted of one (1) common share in the capital of the Company and one (1) non-transferable share purchase warrant ("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 the Company at a price of $0.05 per share during the first year and at a price of $0.10 per share during the second year.
This private placement was undertaken in compliance with the TSX Venture Exchange's (the "Exchange") temporary relief measures (Exchange bulletins November 3, 2008, March 6, 2009 and September 11, 2009) which expired on September 30, 2009. As a result of a British Columbia Securities Commission ("BCSC") cease trade order dated September 4, 2009, the Company was unable to proceed with the private placement until the cease trade order was removed by the BCSC on December 1, 2009. As a result of the termination of the Exchange's temporary relief measures on September 30, 2009, the Exchange did not accept the Company's application to file the subject private placement at the Unit and Flow-Through Shares price originally announced.
The Company hereby announces that the private placement will be revised to be composed of up to an aggregate of 10,000,000 Units each consisting of one share and one share purchase warrant at a price of $0.05 per Unit and up to 750,000 flow-through common shares ("Flow-Through Shares") at a price of $0.05 per Flow-Through Share. Each Unit will consist 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 three (3) years 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 $0.10 per share during the first two (2) years and at a price of $0.15 per share during the third year.
The proceeds from the sale of the Units, if fully subscribed, of $267,000.00 will be applied to working capital for administrative expenses, accounts payable and operational expenses. The proceeds from the sale of the Flow-Through Shares, if fully subscribed, of $33,000.00 will be applied to undertake programs of exploration on the Company's Ticho Project, located near Drybones Bay and the Simpson Island Uranium Project, South East of Yellowknife in the Northwest Territories. 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 common shares from the Units and the common shares from the exercise of Warrants, if any, are subject to a hold period of four (4) months from the distribution date. The expiry date of each Warrant is three (3) years from the Closing date.
ON BEHALF OF THE BOARD
"Robert T. Paterson"
President
SNOWFIELD DEVELOPMENT CORP.
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