Snowfield Development Corp. SWFCF

Snowfield to raise $540,000 for option paymen

[bobrobert]

Snowfield to raise $540,000 for option payments Snowfield Development Corp SNO Shares issued 13,080,956 Feb 28 2003 close $ 0.22 Monday March 3 2003 News Release Mr. Robert Paterson reports PRIVATE PLACEMENT Snowfield Development has arranged a non-brokered private placement of three million units at a price of 18 cents per unit. Each unit will consist of one common share and one non-transferable share purchase warrant. Each warrant will be exercisable for a period of one year and will entitle the holder to purchase one additional common share in the capital of Snowfield at 30 cents per share. The placement is with a European investment firm. The gross proceeds of $540,000 from the sale of the units will be applied to general working capital, including the payment of any applicable finder's fee, the payment of property option payments and undertaking programs of exploration on Snowfield's Drybones Bay properties, Drybones Bay area, Great Slave Lake, Northwest Territories. Any funds received by Snowfield from the exercise of warrants will be added to general working capital. The private placement will be closed when the documentation is accepted for filing by the TSX Venture Exchange.