Snowfield Announces Super Flow-Through Private Placement with MineralFields Group
21 Fevereiro 2008 - 5:30PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: SNO) 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, President and Director
SNOWFIELD DEVELOPMENT CORP.
Shares Issued: 85,976,369
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents
hereof.
Contacts: Snowfield Development Corp. Robert T. Paterson
President and Director (604) 681-5720 or Toll Free: 1-800-859-6463
(604) 681-6937 (FAX) Email: communications@snowfield.com Website:
www.snowfield.com
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