News Release (NR
08-16) ? May 20, 2008
Trading Symbol: TSX Venture: SNO
Shares Issued: 96,222,109
PRIVATE PLACEMENT
ANNOUNCEMENT
Snowfield Development Corp. (the ?Company?) announces
that it has negotiated a non-brokered private placement (#42) offering of 5,000,000 Units at a price of $0.10 per Unit. Each Unit
consists of one (1) common share in the capital of the Company and one (1)
non-transferable share purchase warrant (?Warrant?). Each Warrant will be
exercisable for a period of two (2) 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 $0.12 per
share in the first year and $0.15 per share during the second year.
The proceeds
from the sale of the Units of $500,000 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. Any funds received by the Company from the exercise of Warrants will be added
to general working capital. The private placement will be closed when the final
documentation is accepted for filing by the TSX Venture Exchange.
The common shares from the Units and the common shares from the exercise
of Warrants, if any, are subject to a hold period of four (4) months from the distribution date.
The expiry date of the Warrant is two (2) years from the closing
date.
On behalf of the Board of Directors,
Snowfield Development Corp
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.