(TheNewswire)
Vancouver, BC - TheNewswire - August 31, 2023 - Pathfinder Ventures Ltd. (TSXV:RV) ("Pathfinder" or the "Company") is pleased to announce that, pursuant to its non-brokered private placement announced July 25, 2023, it has issued 10,000,000 units (the “Units”) at a price of $0.04 per Unit for gross proceeds of $400,000 and the offering is now closed. Each Unit is comprised of one common share and one-half of a warrant, a whole warrant (“Warrant”) exercisable to purchase a common share at a price of $0.08 until February 28, 2025, subject to accelerated expiry upon the certain events (see July 25, 2023 news release for details).
An aggregate of $10,080 and 252,000 warrants having the same terms as the Unit warrants was issued in payment of finder fees. The net proceeds will be used for general working capital, to support the development of the Agassiz Campground expansion and to advance acquisition opportunities within its pipeline, consisting of RV resorts and RV & self-storage opportunities. All securities issued are subject to a hold period until January 1, 2024.
Directors of the Company purchased an aggregate of 3,837,500Units, representing 38.4% of the total number of Units sold pursuant to the offering, or 5.59% of the issued and outstanding shares following closing (8.15% assuming the exercise of those warrants comprising part of the Directors’ purchased Units). The participation by insiders constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company has relied upon the exemption from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(a), (b) and (c), and sections 5.7(1)(a) and (b), respectively, of MI 61-101.
Pathfinder also announces that it has granted 1,860,000 stock options to officers, directors, and consultants to the Company. These options have an exercise price of $0.08, no vesting period and an expiry date of August 31, 2028.
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 Company:
Joe Bleackley
Chief Executive Officer, Founder and Director
Pathfinder Ventures Inc.
Company Contact:
Joe Bleackley
Chief Executive Officer, Founder and Director
Phone: (604) 914 2575
Email: ir@PathfinderVentures.ca
Website: PathfinderVentures.ca|| PathfinderCampResorts.com
Investor Relations Contact:
Anthony Simone
Simone Capital Corp.
Phone: (416) 881-5154
Email: asimone@simonecapital.ca
Cautions
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.
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