News Release
(NR 08-05) ? February 21, 2008
Trading
Symbol: TSX Venture: SNO
Shares Issued: 85,976,369
Snowfield Announces Super Flow-Through Private Placement
with MineralFields
Group
Snowfield Development Corp. (?Snowfield? or the ?Company?) announces a
Super Flow-Through Private Placement (?Private Placement?) with Mineralfields
Group (?Mineralfields?). The Private Placement amount will be for up to
$2,000,000 consisting of 4,444,444 Flow-Through Units at a price of $0.45 per
Flow-Through Unit. Each Unit consists of (1) One Flow-Through Common Share and
One-Half (1/2) of One Transferable Non-Flow-Through Share
Purchase Warrant (?Warrant?). Each whole Warrant will be exercisable into one
Common share at a price of $0.90 for a period of twenty-four months after
closing. If all Warrants are exercised into Non-Flow Through Common Shares, the
issuance of 2,222,222 Common Shares will yield the Company $1,999,999 of Non-Flow-Through funds.
In connection with the Private Placement, Limited Market Dealer Group
Inc. will receive a finder?s fee of 5% in the form of units and a two (2) year
finder?s fee option to purchase Flow-Through Units equal to 8% of the number of
units subscribed for at an exercise price of $0.45 Flow-Through Unit with each
Flow-Through Unit consisting of a common share and a warrant exercisable at a
price of $0.90 for a period of twenty-four months after closing. Additionally, a
separately invoiced cash due diligence fee of 3% of the Gross Proceeds will be
payable.
All shares and warrants shall have a maximum hold period of no more than
four (4) months.
The Unit flow-through shares will entitle holders to a 100% Canadian
Exploration Expenses deduction, as well as 15% federal tax credit for ongoing
grass roots exploration on the Company?s Ticho Diamond Project located 55km
Southeast of Yellowknife, NWT.
The proceeds of the Private Placement will be applied to further
prospecting and delineation drilling of the Mud Lake kimberlite complex, currently open in three directions and identified over 34 acres to date, to
expand the known kimberlite body and for exploration drilling of numerous
previously identified targets to further test the up ice geochemical/geophysical
targets located between approximately 750 metres and 1.5 kilometers northeast of
Mud Lake at Swamp, Aspen, Pond, Sipper and Half Moon
Lakes.
Additionally, during 2008, Snowfield will undertake exploration programs
which will include exploration drilling on its Wire Claim, as well as ongoing
prospecting, ground geophysical and ground geochemical mapping programs and
diamond drilling programs over the Red #1 through #7 Mineral Claims covering
some 15,000 acres and over the Hurcomb Mineral Claim which form part of the
Ticho Project which encompasses over 40,000
acres.
?About
MineralFields, Pathway and First Canadian
Securities?
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that
offers its tax-advantaged super flow-through limited partnerships to investors
throughout Canada during most of the calendar year, as well as hard-dollar
resource limited partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution of structured
products and mutual funds. Information about MineralFields Group is available at
www.mineralfields.com is
active in leading resource financings (both flow-through and hard dollar PIPE
financings) on competitive, effective and service-friendly terms, with investors
both within, and outside of, the MineralFields Group.
Snowfield is very pleased to be entering into this relationship with
MineralFields Group with this being an important milestone in the growth of
Snowfield. We look forward to working with MineralFields Group as we develop our
Ticho Diamond Project.
On
Behalf of the Board of Directors,
?Robert T. Paterson?
Robert
T. Paterson,
President and
Director
SNOWFIELD DEVELOPMENT
CORP.
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adequacy or accuracy of the contents hereof.