On June 2, 2009 (NR09-11) Snowfield Development Corp. ("Snowfield" or the "Company") announced that it has negotiated and signed option agreements with Mr. David Smith of Yellowknife, N.W.T. ("Smith") and Luxwing Holdings Limited of Hong Kong ("Luxwing") whereby Snowfield can earn a 100% interest in four uranium claims, the Gennen 1 and Gennen 2 claims from Smith and the US081 and US082 from Luxwing (collectively the "Claims"), located on Simpson Island, East Arm, Great Slave Lake, in the South Mining District of the Northwest Territories.
On December 10, 2009 (NR09-14), Snowfield announced that after further review of technical data relating to the agreements to acquire the four mineral claims, the Company would proceed with the acquisition as negotiated. On May 5, 2010 (NR10-03), the Company announced that it was re-negotiating the share component and effective dates for cash payments of the acquisition agreement.
For economic reasons during the past several months and the Company's inability to issue shares due to a cease trade order issued on September 8, 2010 by the British Columbia Securities Commission, the Company has been unable to consummate the transactions to this date. The Company has continuing verbal agreements with the vendors to finalize the transactions following the resumption of the trading of the Company's shares through the facilities of the Exchange. Thereafter, the Company will publish a news release detailing the revised acquisition terms and file the new agreements with the Exchange.
On August 16, 2010 (NR 10-08), the Company announced a non-brokered private placement offering (#49) of up to 3,000,000 units ("Units") at a price of $0.10 per Unit. Each Unit would consist of one (1) common share in the capital of the Company and one (1) non-transferable share purchase warrant ("Warrant"). Each Warrant was exercisable for a period of one (1) year 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 $0.15 per share. As a result of the cease trade order issued on September 8, 2010 and a halt in trading September 9, 2010 by the Exchange, the Company was unable to close the private placement.
Upon resumption of trading of the Company's shares and the settling of the trading price and volume of shares, Snowfield intends to amend the terms of the aforementioned private placement offering. Thereafter, the Company will publish a news release detailing the revised private placement terms and file the private placement submission offering with the Exchange.
ON BEHALF OF THE BOARD
"Robert T. Paterson"
SNOWFIELD DEVELOPMENT CORP.