Pathfinder Closes $700,000 First Tranche of Private Placement
VANCOUVER, BC / September 16, 2024 / Pathfinder Ventures Ltd. (TSXV:RV) (“Pathfinder” or the “Company”) is pleased to announce that it has closed a first tranche of its non-brokered private placement announced July 8, 2024, issuing an aggregate of 7,000,000 units (“Units”) at a price of $0.10 per Unit for gross proceeds of $700,000. The Company intends to extend the offering for the remaining balance of 3,000,000 Units, for up to 45 days.
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 $0.20 until September 13, 2027, subject to accelerated expiry upon certain events. The Issuer intends to use the net proceeds to fund and advance upgrades and expansion at its RV resorts, to advance acquisition opportunities within its pipeline, and for general working capital. In connection with the closing, the Company paid $29,400 and issued 294,000 warrants having the same terms as the Unit warrants, in payment of finder fees. All securities issued are subject to a hold period until January 14, 2025.
Directors of the Company purchased an aggregate of 200,000 Units, representing approximately 2.86% of the total number of Units sold, with the associated common shares representing approximately 0.66% of the outstanding common shares as of the closing (and if the associated warrants are exercised, an aggregate of 300,000 common shares representing approximately 0.98% of the then-outstanding shares as of the closing). 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.
About Pathfinder Ventures
Pathfinder Ventures Inc. is a leading provider of premium RV camping experiences, committed to delivering exceptional hospitality and modern amenities to outdoor enthusiasts. With a portfolio of strategically located resorts, Pathfinder offers unparalleled opportunities for memorable RV vacations.
To learn more about Pathfinder Camp Resorts, click the link below:
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
