Snowfield Development Corp. SWFCF

Snowfield Development closes $240,000 financing

[bobrobert]

Snowfield Development closes $240,000 financing Snowfield Development Corp SNO Shares issued 23,219,758 Aug 12 2003 close $ 0.20 Tuesday August 12 2003 News Release Mr. Robert Paterson reports PRIVATE PLACEMENT CLOSES Further to news in Stockwatch dated March 5, 2003, regarding a non-brokered private placement of 600,000 units at a price of 25 per unit consisting of one common share and one non-transferable share purchase warrant to purchase an additional share at a price of $0.40 per share exercisable up to a period of six months, Snowfield has received final acceptance from the TSX Venture Exchange, and the shares and share purchase warrants have been issued to the placees. Upon closing, Snowfield received subscriptions for 599,700 units for total proceeds of $149,925 for the said private placement. No insiders took part in the private placement. The common shares and any shares from the exercise of the share purchase warrants are subject to a four-month hold period from the date of issuance, expiring Oct. 30, 2003.