I was starting to wonder how they would raise money. I am impressed!

Snowfield closes $525,000 private placement

2008-11-14 21:12 ET - News Release

Mr. Robert Paterson reports

PRIVATE PLACEMENT CLOSING

Snowfield Development Corp., further to Stockwatch news dated Jan. 30, 2008, has closed a non-brokered private placement offering of 1.5 million units at a price of 35 cents per unit. Each unit consisted of one common share in the capital of Snowfield and one non-transferable share purchase warrant. Each warrant would be exercisable for a period of one year from the closing date and would entitle the holder to purchase one additional common share in the capital stock of Snowfield at a price of 35 cents per share. The expiry date of each warrant is one year from the closing date.

The company applied the $525,000 proceeds from the sale of the 1.5 million units to programs of exploration on Snowfield's Ticho project located near the Drybones bay area of Great Slave Lake in the Northwest Territories, approximately 50 kilometres south of Yellowknife, NWT, and to working capital for administrative expenses, accounts payable and operational expenses. The private placement closed after the final documentation was accepted for filing by the TSX Venture Exchange on Feb. 13, 2008.

Any funds received by Snowfield from the exercise of warrants will be added to general working capital. The common shares from the units and the common shares from the exercise of warrants were subject to a hold period of four months from the distribution date.