The latest...
'Snowfield Development Corp. 508 – 675 West Hastings Street, Vancouver, British Columbia, Canada V6B 1N2
Tel: (604) 681-5720 ° Fax: (604) 681-6937 ° Toll Free: 1-800-859-6463
administration@snowfield.com °
www.snowfield.com
News Release (NR 08-10) – April 7, 2008
Trading Symbol: TSX Venture: SNO Shares Issued: 95,480,680
PRIVATE PLACEMENT ANNOUNCEMENT
Snowfield Development Corp. (the “Company”) announces that it has negotiated a non-brokered private placement offering of 750,000 Units at a price of $0.14 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 two (2) 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 $0.14 per share in the first year and $0.17 per share during the second year.
In conjunction with this private placement, Mr. Robert Paterson, President and Director, has negotiated the sale of 750,000 common shares of the Company at a price of $0.14 per share through the facilities of the TSX Venture Exchange, a “gypsy swap”. Net proceeds of this sale will be used to purchase an equivalent dollar amount of the private placement.
The proceeds from the sale of the Units of $105,000 will be applied to programs of exploration on the Company’s Ticho Project located near the Drybones Bay area, Great Slave Lake, Northwest Territories, approximately 50km south of Yellowknife, N.W.T. and to working capital for administrative expenses, accounts payable and operational expenses. Any 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.
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 the Warrant is two (2) years from the closing date.
On behalf of the Board of Directors,
Snowfield Development Corp
“Robert T. Paterson”
Robert T. Paterson
President and Director'
Harr