Pathfinder Ventures Inc. announced that it has received 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.
More on the purchase
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.
Refinancing and interest payment
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.