Snowfield to extend and reprice 599,700 warraSnowfield to extend and reprice 599,700 warrants
Snowfield Development Corp SNO
Shares issued 23,474,758 Aug 12 2003 close $ 0.20
Wednesday August 13 2003 News Release
Mr. Robert Paterson reports
PROPOSAL TO AMEND WARRANTS
Further to news in Stockwatch March 5, 2003, and Aug. 12, 2003, whereby Snowfield received subscriptions for 599,700 units for a non-brokered private placement at a price of 25 cents per unit, each unit consisting of one common share and one non-transferable share purchase warrant to purchase an additional share at a price of 40 cents per share up to a period of six months, warrant expiry dates varying from Sept. 19, 2003, to Sept. 24, 2003, which said private placement was accepted for filing by the TSX Venture Exchange on June 27, 2003, Snowfield intends to seek regulatory approval from the TSX-V to amend the exercise price and to extend the share purchase warrants exercisable term in accordance with private placement TSX Venture Exchange Policy 4.1., Section 5.3.
It is proposed that the exercise price of the subject 599,700 share purchase warrants be reset to 32 cents per share to reflect current market rates and that the term be exercisable up to a period of one year from the date of issuance, expiring June 30, 2004.
The proposed amended exercise price of the warrants is not less than the average closing price of the company's shares of the preceding 10 days. At present, no warrants have been exercised and no insiders hold warrants being repriced.