Pathfinder Signs Letter of Intent to Acquire 40% Interest in Company Developing Okanagan Modular Home Community
VANCOUVER, BC, April 14th, 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 35% of WMHP’s issued and outstanding shares, increasing Pathfinder’s current interest in WMHP from 5% to 40%. As part of the Transaction, WMHP and its shareholders will enter into a shareholders’ agreement, giving Pathfinder control over the management and affairs of WMHP for purposes of developing the property interest described below. Pathfinder and WMHP are at arm’s length.
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 $500,000 to complete the infrastructure on the first section of 11 lots, to make them ready for final home placement and utility tie-in, for which Pathfinder has secured a $500,000 construction line of credit bearing interest at 5% per annum. Pathfinder has also secured favorable terms for the supply of modular homes direct from the manufacturer, Woodland Crafted Homes, and the marketing/pre-sale efforts for the Development have already commenced.
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 $3.5 million, consisting of common shares of Pathfinder (the “Consideration Shares”) equal to 19.99% of Pathfinder’s post-Transaction issued and outstanding shares, at a price of $0.10 per share, with a vendor take back loan for the balance of the purchase price. No finder fees are payable in connection with the Transaction. The Consideration Shares are expected to be subject to a hold period of four months from the date of issue. Completion of the Transaction remains subject to third party approvals, including the TSX Venture Exchange.
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
