Mr. Joe Bleackley reports

PATHFINDER CONTINUES OCCUPANCY GROWTH IN FY23, ANNOUNCES RECORD OCCUPANCY AND UPDATE ON SUMMER BUSINESS

Pathfinder Ventures Inc. is continuing to gain market share in Western Canada's RV (recreational vehicle) resort and camping industry. The company reports total occupied site nights in July increased by 15 per cent compared with the same period last year.

Pathfinder Camp Resorts see increased customer demand in July, 2023

Occupied site nights increased by 15 per cent 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 postpandemic 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 chief executive officer and founder Joe Bleackley.

August outlook

The company estimates it will meet or beat last year's record occupancy results in August, 2023.

Stan Duckworth, chief operating officer 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."

Growth opportunities

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 25, the company announced a private placement where it intends to complete a non-brokered private placement of up to 12.5 million units at a price of four cents per unit to raise total gross proceeds of up to $500,000.

Each unit will consist of one common share and one-half of a share purchase warrant, with each full warrant exercisable to acquire one share at a price of eight cents for a period of 18 months from closing 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, or such other exchange or market on which the shares may become traded, at 15 cents or more for 10 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 p.m. Pacific Time on the 30th day after such news release.

Finders' 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 and self-storage opportunities.

About Pathfinder Ventures Inc.

Pathfinder Ventures 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 British Columbia 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.

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