Pathfinder Ventures Increases Stake in Modular Home Development

Pathfinder Ventures Inc. has signed a Letter of Intent to boost its stake from 5% to 40% in Westside Modular Home Park Ltd. The transaction, aiming to increase Pathfinder's influence, includes a shareholders' agreement granting them management control. The target development is a 12.78-acre property near Vernon, BC.

The site, under a head lease for 42 years with a renewal option, will feature around 90 modular homes, with Pathfinder managing and funding construction. Initial infrastructure investment is estimated at $500,000, supported by a secured credit line with 5% interest. Modular homes will be supplied by Woodland Crafted Homes under favorable terms.

The $3.5 million purchase involves Pathfinder issuing shares and a vendor take-back loan. Completion depends on third-party approvals.