Yahoo Finance Pathfinder Announces Successful Expansion Rezoning and Debt Refinancing
VANCOUVER, BC, April 27, 2023 /CNW/ - Pathfinder Ventures Inc. (TSXV: RV) (the "Company," "RV" or "Pathfinder.") is pleased to announce the rezoning approval of its 1.892-acre property in Agassiz, British Columbia. Pathfinder purchased the property in December 2021 with plans of expansion. The property is adjacent to Pathfinder's existing Agassiz camp resort.
At the time of purchase, the property was zoned Rural Residential, and required a rezoning to commercial use allowing the RV resort expansion. Once proper permits are obtained, Pathfinder can expand its existing operation in Agassiz, allowing an additional 25 new RV sites and recreational space.
"Resort expansions are low-hanging fruit when it comes to growth, where most amenities and staff are already in place, as they are in Agassiz," said Joe Bleackley, CEO and Founder of Pathfinder Ventures.
Refinancing and Debenture Holder Interest Payment
Pathfinder is also pleased to report that Pathfinder and its wholly owned subsidiary, Pathfinder Camp Resorts (Parksville) Inc. ("PCR-Parksville"), et al, have entered into a $4.2M secured loan agreement with a third-party private lender to consolidate the existing first and second mortgages (the "Parksville Mortgages") on the Parksville property/camp resort and provide additional working capital to Pathfinder. The proceeds of the loan will be used to pay out the Parksville Mortgages, to pay out the interest due on the Series 2021-07.CD10-A and CD10-B debentures, and with the balance to be used as general working capital.
In connection with the loan, Pathfinder has entered into a general security agreement and certain collateral assignments and assurances over its present and after acquired personal property (collectively, a "Security Interest"). PCR-Parksville has granted the lender a new first mortgage over the Parksville property, together with a similar Security Interest. The loan proceeds have been further guaranteed by two of Pathfinder's wholly owned subsidiaries, Pacific Frontier Investments Inc. ("PFI") and Pathfinder Camp Resorts (Fort Langley) Inc. ("PCR-Fort"), and secured by way of a Security Interest. Pathfinder, PCR-Parksville, PFI and PCR-Fort have also granted the lender a right of first refusal in respect of any future sale of real property.
The loan has a maturity date of 36 months following the date of advance and will bear interest at the rate of 9.5% per annum. In the first year, monthly payments will be interest only. Following the first year, monthly payments will be blended principal and interest, based on a 15-year amortization term calculated from the date of advance. No bonus shares or finder fees are payable in connection with the transaction.
About Pathfinder Ventures
Pathfinder Ventures Inc. is developing a network of premier branded, upscale and family-friendly RV parks and campgrounds under the "Pathfinder Camp Resorts" name. Pathfinder currently has three camp resorts located in B.C. and is focused on growing its network through both acquisitions and new construction. The Corporation is taking advantage of the rapidly growing market of Canadians who want to experience the great outdoors in an RV.
To learn more about Pathfinder Camp Resorts, click the link below:
www.PathfinderCampResorts.com
On behalf of the board of directors of the Corporation:
Joe Bleackley
Chief Executive Officer, Founder and Director
Pathfinder Ventures Inc.
Website: 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 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.
Forward-Looking Information Cautionary Statement
This news release contains forward-looking statements relating to the rezoning and refinancing. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations include risks detailed from time to time in the filings made by the Corporation with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Corporation. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Corporation does not undertake any obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release.
In the case of RV, this news release includes certain "forward-looking statements" which are particular to RV and are not comprised of historical facts. Forward-looking statements include estimates and statements that describe RV's future plans, objectives or goals, including words to the effect that RV or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". 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 RV, RV provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, RV's objectives, goals or future plans, statements, and refinancing and funding. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the ability of the RV 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 RV' s business; decisions of regulatory authorities and the timing thereof; Covid-19 related risks, availability of properties; the economic circumstances surrounding RV'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 or other disclosure document prepared and supplied on Sedar. Although RV believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. RV disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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SOURCE Pathfinder Ventures Inc.
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