Pathfinder Announces Successful Expansion Rezoning and Debt Refinancing

VANCOUVER, BC, April 27, 2023 /PRNewswire/ - Pathfinder Ventures Inc. (TSXV: RV) (the "Company," "RV" or "Pathfinder.") is pleased to announce the rezoning approval of its 1.892-acre property in Agassiz, British Columbia. Pathfinder purchased the property in December 2021 with plans of expansion. The property is adjacent to Pathfinder's existing Agassiz camp resort.

At the time of purchase, the property was zoned Rural Residential, and required a rezoning to commercial use allowing the RV resort expansion. Once proper permits are obtained, Pathfinder can expand its existing operation in Agassiz, allowing an additional 25 new RV sites and recreational space.

"Resort expansions are low-hanging fruit when it comes to growth, where most amenities and staff are already in place, as they are in Agassiz," said Joe Bleackley, CEO and Founder of Pathfinder Ventures.

Pathfinder is also pleased to report that Pathfinder and its wholly owned subsidiary, Pathfinder Camp Resorts (Parksville) Inc. ("PCR-Parksville"), et al, have entered into a $4.2M secured loan agreement with a third-party private lender to consolidate the existing first and second mortgages (the "Parksville Mortgages") on the Parksville property/camp resort and provide additional working capital to Pathfinder. The proceeds of the loan will be used to pay out the Parksville Mortgages, to pay out the interest due on the Series 2021-07.CD10-A and CD10-B debentures, and with the balance to be used as general working capital. 

In connection with the loan, Pathfinder has entered into a general security agreement and certain collateral assignments and assurances over its present and after acquired personal property (collectively, a "Security Interest"). PCR-Parksville has granted the lender a new first mortgage over the Parksville property, together with a similar Security Interest. The loan proceeds have been further guaranteed by two of Pathfinder's wholly owned subsidiaries, Pacific Frontier Investments Inc. ("PFI") and Pathfinder Camp Resorts (Fort Langley) Inc. ("PCR-Fort"), and secured by way of a Security Interest. Pathfinder, PCR-Parksville, PFI and PCR-Fort have also granted the lender a right of first refusal in respect of any future sale of real property.

The loan has a maturity date of 36 months following the date of advance and will bear interest at the rate of 9.5% per annum. In the first year, monthly payments will be interest only. Following the first year, monthly payments will be blended principal and interest, based on a 15-year amortization term calculated from the date of advance. No bonus shares or finder fees are payable in connection with the transaction.

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 Corporation:

Joe Bleackley
Chief Executive Officer, Founder and Director
Pathfinder Ventures Inc.

Website: 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 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.

This news release contains forward-looking statements relating to the rezoning and refinancing. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations include risks detailed from time to time in the filings made by the Corporation with securities regulations.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Corporation. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Corporation does not undertake any obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release.

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SOURCE Pathfinder Ventures Inc.