Pathfinder Signs Letter of Intent to Acquire 40% Interest in Company Developing Okanagan Modular Home Community

About this update from Pathfinder Ventures Inc

[{"type":"text","content":"Pathfinder Signs Letter of Intent to Acquire 40% Interest in Company Developing Okanagan Modular Home CommunityVANCOUVER, BC / ACCESS Newswire / April 14, 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 pri...

More updates from Pathfinder Ventures Inc