Pathfinder Signs Letter of Intent to Acquire 40% Interest in Company Developing Okanagan Modular Home Community
Pathfinder Ventures Inc. (TSXV:RV) has signed a Letter of Intent to increase its stake in Westside Modular Home Park (WMHP) from 5% to 40%. The transaction, valued at $3.5 million, will be paid through company shares at $0.10 per share (19.99% of post-transaction shares) and a vendor take-back loan.
WMHP holds a long-term lease on a 12.78-acre development property in Okanagan Indian Reserve No. 1 near Vernon, BC, with 42 years remaining plus a 49-year renewal option. The development plans include creating a residential community of approximately 90 modular homes.
Pathfinder will manage the development's construction and operation, securing a $500,000 construction line of credit at 5% interest for initial infrastructure development of 11 lots. The company has also arranged favorable terms with Woodland Crafted Homes for modular home supply, with marketing and pre-sales already underway.
Pathfinder Ventures Inc. (TSXV:RV) ha firmato una Lettera di Intenti per aumentare la sua partecipazione in Westside Modular Home Park (WMHP) dal 5% al 40%. La transazione, valutata 3,5 milioni di dollari, sarà pagata tramite azioni della società a 0,10 dollari per azione (19,99% delle azioni post-transazione) e un prestito di rivenditore.
WMHP detiene un contratto di locazione a lungo termine su un terreno di sviluppo di 12,78 acri nella Riserva Indiana Okanagan No. 1 vicino a Vernon, BC, con 42 anni rimanenti e un'opzione di rinnovo di 49 anni. I piani di sviluppo includono la creazione di una comunità residenziale di circa 90 case modulari.
Pathfinder gestirà la costruzione e l'operazione dello sviluppo, ottenendo una linea di credito per costruzione di 500.000 dollari al 5% di interesse per lo sviluppo iniziale delle infrastrutture di 11 lotti. L'azienda ha anche concordato condizioni favorevoli con Woodland Crafted Homes per la fornitura di case modulari, con marketing e pre-vendite già in corso.
Pathfinder Ventures Inc. (TSXV:RV) ha firmado una Carta de Intención para aumentar su participación en Westside Modular Home Park (WMHP) del 5% al 40%. La transacción, valorada en 3,5 millones de dólares, se pagará a través de acciones de la empresa a 0,10 dólares por acción (19,99% de las acciones post-transacción) y un préstamo de vendedor.
WMHP tiene un contrato de arrendamiento a largo plazo sobre una propiedad de desarrollo de 12,78 acres en la Reserva India Okanagan No. 1 cerca de Vernon, BC, con 42 años restantes más una opción de renovación de 49 años. Los planes de desarrollo incluyen la creación de una comunidad residencial de aproximadamente 90 casas modulares.
Pathfinder gestionará la construcción y operación del desarrollo, asegurando una línea de crédito para construcción de 500.000 dólares al 5% de interés para el desarrollo inicial de infraestructura de 11 lotes. La empresa también ha acordado condiciones favorables con Woodland Crafted Homes para el suministro de casas modulares, con marketing y pre-ventas ya en marcha.
Pathfinder Ventures Inc. (TSXV:RV)는 Westside Modular Home Park (WMHP)에서 지분을 5%에서 40%로 늘리기 위한 의향서를 체결했습니다. 이 거래는 350만 달러로 평가되며, 주당 0.10달러(거래 후 주식의 19.99%)로 회사 주식으로 지급되며, 공급업체 대출도 포함됩니다.
WMHP는 BC주 버논 근처의 Okanagan Indian Reserve No. 1에 위치한 12.78 에이커 개발 부지에 대한 장기 임대 계약을 보유하고 있으며, 남은 기간은 42년이며 49년 갱신 옵션이 있습니다. 개발 계획에는 약 90채의 모듈형 주택으로 구성된 주거 커뮤니티를 만드는 것이 포함됩니다.
Pathfinder는 개발의 건설 및 운영을 관리하며, 11개 구역의 초기 인프라 개발을 위한 50만 달러 건설 신용 한도를 5% 이자로 확보합니다. 회사는 또한 Woodland Crafted Homes와 모듈형 주택 공급에 대한 유리한 조건을 협의했으며, 마케팅 및 사전 판매도 이미 진행 중입니다.
Pathfinder Ventures Inc. (TSXV:RV) a signé une Lettre d'Intention pour augmenter sa participation dans Westside Modular Home Park (WMHP) de 5% à 40%. La transaction, d'une valeur de 3,5 millions de dollars, sera payée par des actions de la société à 0,10 dollar par action (19,99% des actions après transaction) et un prêt de fournisseur.
WMHP détient un bail à long terme sur une propriété de développement de 12,78 acres dans la Réserve Indienne Okanagan No. 1 près de Vernon, BC, avec 42 ans restants et une option de renouvellement de 49 ans. Les plans de développement incluent la création d'une communauté résidentielle d'environ 90 maisons modulaires.
Pathfinder gérera la construction et l'exploitation du développement, en sécurisant une ligne de crédit de construction de 500 000 dollars à un taux d'intérêt de 5% pour le développement initial des infrastructures de 11 lots. L'entreprise a également négocié des conditions favorables avec Woodland Crafted Homes pour la fourniture de maisons modulaires, avec des actions de marketing et de pré-vente déjà en cours.
Pathfinder Ventures Inc. (TSXV:RV) hat ein Absichtsschreiben unterzeichnet, um seinen Anteil an Westside Modular Home Park (WMHP) von 5% auf 40% zu erhöhen. Die Transaktion, die mit 3,5 Millionen Dollar bewertet wird, wird durch Unternehmensanteile zu einem Preis von 0,10 Dollar pro Aktie (19,99% der Anteile nach der Transaktion) und einem Verkäuferdarlehen finanziert.
WMHP hat einen langfristigen Mietvertrag für ein 12,78 Acres großes Entwicklungsgrundstück im Okanagan Indian Reserve Nr. 1 in der Nähe von Vernon, BC, mit noch 42 Jahren und einer 49-jährigen Verlängerungsoption. Die Entwicklungspläne umfassen die Schaffung einer Wohnsiedlung mit etwa 90 modularen Häusern.
Pathfinder wird die Bau- und Betriebsführung des Projekts übernehmen und sich eine Bau-Kreditlinie von 500.000 Dollar zu einem Zinssatz von 5% für die anfängliche Infrastrukturentwicklung von 11 Grundstücken sichern. Das Unternehmen hat auch günstige Bedingungen mit Woodland Crafted Homes für die Lieferung von modularen Häusern vereinbart, wobei Marketing und Vorverkäufe bereits im Gange sind.
- Increases strategic stake in WMHP from 5% to 40%
- Secured favorable financing with 5% interest rate on $500,000 construction line
- Long-term lease security with 42 years + 49-year renewal option
- Obtained favorable supply terms with modular home manufacturer
- Pre-sale marketing already commenced
- Significant share dilution of 19.99% to existing shareholders
- Takes on additional debt through vendor take-back loan
- Requires substantial capital investment for development completion
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
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
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
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
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.
View the original press release on ACCESS Newswire
FAQ
What is the value and structure of Pathfinder's (RVRVF) acquisition of WMHP stake?
How many modular homes will be developed in the Okanagan project by RVRVF?
What is the initial infrastructure investment for RVRVF's Okanagan development?
How long is the lease term for RVRVF's Okanagan development property?
