Pathfinder Provides Corporate Update

Rhea-AI Summary

Pathfinder Ventures Inc. (TSXV:RV) has announced several corporate updates. The company has extended the closing date for the second tranche of its non-brokered private placement to November 29, 2024, aiming to raise the remaining $1.3 million from 13,000,000 units at $0.10 per unit. The company's Annual General Meeting is scheduled for December 20, 2024. In management changes, Joe Bleackley has stepped down as Corporate Secretary while maintaining his CEO role, and Len Brownlie has been appointed as Corporate Secretary. Additionally, Allen Szmyrko has joined the Board of Directors, bringing over 20 years of experience in corporate management and real estate development.

Positive

• Successfully completed first tranche of private placement raising $700,000
• Appointment of Allen Szmyrko brings significant real estate development expertise to the board

Negative

• Extended closing date for second tranche of private placement indicates potential challenges in raising remaining $1.3 million
• Board restructuring and management changes could signal internal transitions

NOT FOR DISTRIBUTION OR DISSEMINATION TO THE UNITED STATES

VANCOUVER, BC / ACCESSWIRE / November 15, 2024 / Pathfinder Ventures Inc. (TSXV:RV) ("Pathfinder" or the "Company") is pleased to announce the following corporate updates:

Extension of Closing for Non-Brokered Private Placement

Further to its news release of October 15, 2024, Pathfinder has extended the closing date for the second tranche of its non-brokered private placement (the "Private Placement") of 20,000,000 units ("Unit") at a price of $0.10 per Unit for gross proceeds of up to $2,000,000 of which 7,000,000 Units ($700,000) were issued on September 13, 2024. The Company intends to extend the offering for the remaining balance of 13,000,000 Units to November 29, 2024.

Each Unit is comprised of one post-consolidation common share (a "Share") of the Company and one-half of a non-transferable purchase warrant, with a whole warrant ("Warrant") entitling the holder to purchase a Share at a price of $0.20 for a period of 36 months, subject to accelerated expiry upon certain events.

Net proceeds will be used to upgrade and expand RV resorts, pursue acquisition and development opportunities, and for general working capital. All securities issued will be subject to a four month hold period.

Completion of the Private Placement remains subject to the approval of the TSX Venture Exchange.

Annual General Meeting Date

The Company has determined that its 2024 Annual General Meeting of shareholders will be held on December 20, 2024, at 11:00 am PST at the offices of Vantage Law Corp., Suite 1120 - 625 Howe Street, Vancouver, B.C. The Company anticipates that the only items on the agenda will be the re-appointment of auditors, fixing the number of directors, electing directors, and re-approving the Company's security-based compensation plan. The Company encourages shareholders to opt in and utilize electronic communications to save costs and support the environment.

Change in Corporate Secretary

Mr. Joe Bleackley, CEO and Director of Pathfinder, has resigned as Corporate Secretary and Len Brownlie, Ph.D. has been appointed as Corporate Secretary. This change is intended to streamline management time while Joe continues his role as CEO and Director.

Change to Board of Directors

Len Brownlie has resigned as a director to focus on other business and recreational ventures. The Board of Directors would like to thank Len for his contributions to Pathfinder over the last three years and looks forward to his continued support as Corporate Secretary.

Appointment of Director

To fill the vacancy left by Mr. Brownlie's resignation, the Company has appointed Mr. Allen Szmyrko to the Company's Board subject to TSX Venture Exchange approval.

Mr. Szmyrko brings over two decades of experience in corporate management, governance, and civil earthworks, with a focus on large-scale projects and real estate development across Western Canada. As the head of a vertically integrated firm offering services in project management, modular home manufacturing, and civil/structural engineering, he has successfully overseen the construction of over 150 homes in the past two years.

Currently, Mr. Szmyrko is advancing several major projects, including three communities on First Nations lands in the Okanagan Valley, delivering up to 950 affordable homes in the region. His deep expertise ensures efficient site preparation and infrastructure development, while his commitment to ethical partnerships enhances community impact. With a leadership style that emphasizes innovation, strategic growth, and sustainability, Mr. Szmyrko is poised to make a significant contribution to Pathfinder.

"Mr. Szmyrko's extensive expertise in construction and real estate development, combined with a proven track record in leading major projects and driving investment growth, make him an invaluable addition to our team. We look forward to leveraging his knowledge and leadership to fuel Pathfinder's continued growth and success," said Joe Bleackley, CEO and Founder of Pathfinder.

About Pathfinder Ventures

Pathfinder Ventures Inc. is a leading operator of RV Resorts and Manufactured Housing Communities, committed to delivering exceptional hospitality and modern amenities as a core aspect of its portfolio.

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.

Company Contact:
Joe Bleackley
Chief Executive Officer, and Director
Phone: (604) 914 2575
Email: ir@PathfinderVentures.ca
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 statement related to Pathfinder's board of directors. 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.

SOURCE: Pathfinder Ventures Inc.

View the original press release on accesswire.com

FAQ

What is the status of Pathfinder Ventures' (TSXV:RV) private placement as of November 2024?

Pathfinder has extended the closing date for the second tranche to November 29, 2024, having raised $700,000 in the first tranche and seeking to raise the remaining $1.3 million through 13,000,000 units at $0.10 per unit.

Who is the new Board Director appointed by Pathfinder Ventures (TSXV:RV)?

Allen Szmyrko has been appointed to Pathfinder's Board, bringing over two decades of experience in corporate management, governance, and civil earthworks, with expertise in real estate development.

When is Pathfinder Ventures' (TSXV:RV) 2024 Annual General Meeting?

Pathfinder's 2024 Annual General Meeting is scheduled for December 20, 2024, at 11:00 am PST at the offices of Vantage Law Corp. in Vancouver.