News Release (NR 08-30) � December 15, 2008
Trading Symbol: TSX Venture: SNO Shares Issued: 99,027,109
PRIVATE PLACEMENT ANNOUNCEMENT
Snowfield Development Corp. ("Snowfield" or the �Company�) announces that it has negotiated a non- brokered private placement (#46) offering of 12,500,000 units at a price of $0.02 per unit. Each unit will be comprised of one (1) common share and one (1) non-transferable share purchase warrant (�warrant�). Each warrant will be exercisable for a period of three (3) 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 $0.03 per share for the life of the warrant (three years). There will be no hold period on the securities issued under this offering.
This private placement is announced, in accordance with the TSX Venture Exchange Corporate Finance Bulletin dated November 3, 2008 and effective December 15, 2008, whereby:
a) The hold period applied by the Exchange has been modified so as to remove the Exchange hold period except where securities are issued:
i) to directors, officers and promoters;
ii) to persons holding securities carrying more than 10% of voting rights attached to Issuer�s securities both immediately before and after the transaction, and who have elected or appointed or have the right to elect or appoint one or more directors or senior officers of the issuer; or
iii) at a discount greater than 10% to the Market Price.
b) The term of share purchase warrants has been extended from two years to up to five years in all policies where share purchase warrants are applicable. The five year term applies to both Tier 1 and 2 Issuers.
The issue of the units will not restrict or prevent the Issuer from obtaining any other financing, nor from issuing additional securities or rights during the period within which the units are exercisable.
The proceeds of the private placement, if fully subscribed, from the sale of units of $250,000 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. Funds received by the Company from the exercise of warrants will be added to general working capital. The combined private placement will be closed when the final documentation is accepted for filing by the TSX Venture Exchange.
The expiry date of each warrant is three (3) years from the closing date.
On behalf of the Board of Directors,
Snowfield Development Corp
�Robert T. Paterson�
Robert T. Paterson
President and Director
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENTS HEREOF.