Snowfield Development Corp. SWFCF

Snowfield develops 500,000-unit private place

[bobrobert]

Snowfield develops 500,000-unit private placement Snowfield Development Corp SNO Shares issued 23,474,758 Aug 20 2003 close $ 0.19 Thursday August 21 2003 News Release Mr. Robert Paterson reports Snowfield Development has arranged a non-brokered private placement of up to 500,000 units at a price of 15 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 two years and will entitle the holder to purchase one additional common share in the capital of Snowfield at 15 cents per share in the first year and at 20 cents per share in the second year. The gross proceeds of up to $75,000 from the sale of the units will be applied to general working capital, 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.