VANCOUVER, BC / ACCESS Newswire / April 14, 2025 / Pathfinder Ventures Inc. (TSXV:RV) ("Pathfinder" or the "Company") is pleased to announce that it has entered into a Letter of Intent ("LOI") to subscribe for shares (the "Transaction") of Westside Modular Home Park Ltd. ("WMHP") equal to 35% of WMHP's issued and outstanding shares, increasing Pathfinder's current interest in WMHP from 5% to 40%. As part of the Transaction, WMHP and its shareholders will enter into a shareholders' agreement, giving Pathfinder control over the management and affairs of WMHP for purposes of developing the property interest described below. Pathfinder and WMHP are at arm's length.
WMHP holds a head lease with 42 years remaining plus a 49-year renewal option, on a 12.78 acre development property located outside of Vernon, BC, within Okanagan Indian Reserve No. 1, and plans to develop the property on a pre-sale basis (the "Development") into a residential community comprised of approximately 90 modular homes. Pathfinder will manage and fund the construction and ongoing operation of the Development, with a recovery of all costs prior to distribution of any profits to WMHP shareholders.
Pathfinder expects to incur an initial $500,000 to complete the infrastructure on the first section of 11 lots, to make them ready for final home placement and utility tie-in, for which Pathfinder has secured a $500,000 construction line of credit bearing interest at 5% per annum. Pathfinder has also secured favorable terms for the supply of modular homes direct from the manufacturer, Woodland Crafted Homes, and the marketing/pre-sale efforts for the Development have already commenced.
Joe Bleackley, Founder and CEO of Pathfinder, emphasized, "We are pleased to expand Pathfinder's presence in the community living space (MHC) - a strategic move we've been thoughtfully exploring and pursuing over the past 12 months. This acquisition is not only a major milestone in our growth story, but it also reflects our ability to structure smart, capital-efficient deals. By issuing Pathfinder shares as part of the transaction and securing a very favorable vendor take-back, we're preserving capital while positioning ourselves for long-term success."
The purchase price for the Transaction will be $3.5 million, consisting of common shares of Pathfinder (the "Consideration Shares") equal to 19.99% of Pathfinder's post-Transaction issued and outstanding shares, at a price of $0.10 per share, with a vendor take back loan for the balance of the purchase price. No finder fees are payable in connection with the Transaction. The Consideration Shares are expected to be subject to a hold period of four months from the date of issue. Completion of the Transaction remains subject to third party approvals, including the TSX Venture Exchange.
Management Commentary
Management is confident in the strong future of the RV and MHC industries, particularly in light of growing Canada and USA political tensions, and concerns regarding housing affordability. Pathfinder's RV portfolio is well-positioned to capitalize on Canadians desires to experience travel and tourism in Canada, as opposed to the USA, and Manufactured Home Communities represent one of the most attractive and resilient investment opportunities in today's housing market, driven by their affordability and growing demand. As traditional housing becomes increasingly out of reach for many, MH communities are well-positioned to deliver stable, long-term returns by meeting the essential need for attainable housing across North America.
Recently, Pathfinder was featured in an article published in the Globe and Mail, which can be seen here:
Canadian RV park bookings soar as travellers spurn U.S. Campgrounds
https://www.theglobeandmail.com/investing/personal-finance/article-canadian-rv-park-bookings-soar-as-travellers-spurn-us-campgrounds/
About Pathfinder Ventures Inc. (TSXV: RV):
Pathfinder Ventures Inc. aims to be the premier provider of RV resorts and manufactured housing communities, recognized for delivering exceptional guest experiences and innovative housing solutions. We are dedicated to creating welcoming, well-maintained, and modern spaces that bring people together, whether for travel or housing. Through a commitment to hospitality excellence, sustainable practices, and innovative solutions, we strive to enhance the lives of our guests, residents, and communities.
On behalf of the board of directors of the Corporation:
Joe Bleackley
Chief Executive Officer, Founder and Director
Pathfinder Ventures Inc.
Company Contact:
Joe Bleackley
Chief Executive Officer, and Director
Phone: (604) 914 2575
Email: ir@PathfinderVentures.ca
Websites: PathfinderVentures.ca || PathfinderCampResorts.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This news release may include certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include statements and estimates that describe the Company's future plans, objectives or goals, including words to the effect that the Company or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "will", "may", "should", "could", "would", "plans", "estimates", "anticipates", "expects", "believes" and other similar expressions. All statements other than statements of historical fact are forward-looking statements. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that such statements will ultimately prove to be accurate and that actual results and future events will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking statements could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release may include, but is not limited to, the Company's objectives, goals or future plans, including funding and refinancing. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to, the ability of the Company to successfully implement its development strategy and whether this will yield the expected benefits; competitive factors in RV's industry sector; the success or failure of product development programs; currently existing applicable laws and regulations or future applicable laws and regulations that may affect the Company' s business; decisions of regulatory authorities and the timing thereof; Covid-19 related risks, availability of properties for acquisition and/or development; the economic circumstances surrounding the Company's business, including general economic conditions in Canada, the US and worldwide; changes in exchange rates; changes in the equity market; inflation; uncertainties relating to the availability and costs of financing needed in the future; and those other risks disclosed in the filing statement and other disclosure document prepared and supplied on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information. Any forward-looking statement is made as of the date of this news release, and no assurance can be given that any such conditions or events will occur in the indicated time frames, as expected or at all. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE: Pathfinder Ventures Inc.
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