Pathfinder Continues Occupancy Growth in FY23, Announces Record Occupancy and Update on Summer Business
VANCOUVER, B.C., August 8, 2023 – Pathfinder Ventures Inc. (TSXV: RV) (the “Company” or “Pathfinder.”) continues to gain market share in Western Canada’s RV resort and camping industry. The Company reports total occupied site nights in July increased by 15% compared to the same period last year.
Pathfinder Camp Resorts see Increased Customer Demand in July 2023
Occupied site nights increased by 15% in July 2023 compared July 2022. The Company reports demand from repeat and new customers remained strong and drove the increase. Pathfinder also added additional camping sites to its resorts, which added to the total occupied site nights.
“We’re thrilled to report Pathfinder Camp Resorts are busier than last year. Despite the RV Resort Industry anticipating this year to be softer as post pandemic excitement fizzles, and new RV sales decline, Pathfinder has maintained steady growth and continues to show success in building year-round family-friendly RV resorts,” said CEO and Founder Joe Bleackley.
The Company estimates it will meet or beat last year’s record occupancy results in August 2023.
Mr. Stan Duckworth, COO of Pathfinder, commented, “We have noticed that customers are booking closer to their travel dates this year; however, customers are still choosing to spend their holidays with us and the demand during peak holiday season remains strong.”
The Company states there is still room to grow overall occupancies at its current RV resorts. Pathfinder is seeing high demand for hard roof accommodations in Parksville and is assessing opportunities for expanding its offerings and exploring different booking platforms for such accommodations.
The Company’s Agassiz location was successfully rezoned, and it expects to complete the development and open in 2024. As part of the development, smaller RV sites in the current operating property will be converted to larger sites to accommodate bigger RVs with a longer average length of stay. The Company is exploring JV opportunities to complete the Agassiz expansion which when operational, would create significant value for Pathfinder Shareholders.
Pathfinder Ventures Private Placement Financing
On July 25th, the Company announced a Private Placement where it intends to complete a non-brokered private placement (the “Private Placement“) of up to 12,500,000 units (the “Units”) at a price of $0.04 per Unit to raise total gross proceeds of up to $500,000.
Each Unit will consist of one common share (a “Share“) and one-half of a share purchase warrant, with each full warrant exercisable to acquire one Share at a price of $0.08 for a period of eighteen months from closing (the “Closing date“). If, after the date that is four months and one day after the Closing date, the Shares trade or close on the TSX Venture Exchange (the “Exchange“), or such other exchange or market on which the Shares may become traded, at $0.15 or more for ten consecutive trading days, the Company may accelerate the expiry of the warrants by giving notice via news release and thereafter the warrants will automatically expire at 4:00 p.m. (Pacific time) on the 30th day after such news release.
Finder’s fees may be payable in accordance with the policies of the Exchange. The Company intends to use the net proceeds of the Private Placement for general working capital, to support the development of its Agassiz Campground expansion and to advance acquisition opportunities within its pipeline, consisting of RV resorts and RV & self-storage opportunities.
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:
On behalf of the board of directors of the Corporation:
Chief Executive Officer, Founder and Director
Pathfinder Ventures Inc.
Investor Relations Contact:
Simone Capital Corp.
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