SNO-v...in the news:
Snowfield arranges $450,000 of private placements
Wed 22 Jan 2003
News Release
Mr. Robert Paterson reports
PRIVATE PLACEMENT
Snowfield Development has arranged a private placement of up to a maximum
of two million flow-through shares at a price of 15 cents per flow-through
share and a maximum of one million non-flow-through units at a price of 15
cents per non-flow-through unit. Each unit will consist of one common share
and one non-transferable share purchase warrant. Each warrant will be
exercisable for a period of two years and will entitle the holder to
purchase one additional common share in the capital of Snowfield at 20
cents per share during the first year and at a price of 30 cents per share
during the second year.
The gross proceeds of the private placement will be, if fully subscribed,
$450,000. The gross proceeds from the sale of flow-through special
warrants, up to $300,000, are intended to be used to finance programs of
exploration on Snowfield's Drybones Bay properties, Drybones Bay area,
Great Slave Lake, Northwest Territories, and the gross proceeds from the
sale of units, up to $150,000, will be applied to general working capital,
including the payment of any applicable finder's fee and the payment of
property option payments. Any funds received by Snowfield from the exercise
of warrants will be added to general working capital. The private placement
will be closed when the documentation is accepted for filing by the TSX
Venture Exchange. |
