Pacific Frontier Investments Closes Two Acquisitions of Campgrounds and RV Parks and Increases Private Placement
VANCOUVER, BC / ACCESSWIRE / December 7, 2020 / Pacific Frontier Investments Inc. ("PFI") is pleased to announce that it has closed 2 acquisitions of Campgrounds and RV Parks as part of its plan to create a chain of modern-day family holiday parks known as Pathfinder Camp Resorts. PFI also announces that it has increased its previously announced private placement from $2.1 million to $4.9 million.
PFI has added two locations in southern British Columbia to its brand of Pathfinder Camp Resorts. The locations are strategically located in regions with high tourism and are also within the Lower Mainland of British Columbia which offers a favourable climate, suitable for popular winter stay RV programs.
Pathfinder Camp Resorts, Agassiz, BC
Located only minutes from major attractions, the Agassiz / Harrison location will offer short term, full hook-up RV pads as well as unique hard roof cabin accommodations. The property is currently undergoing improvements to create the desired camp resort experience. Amenities such as a swimming pool, children's adventure playground, gardens, free high-speed Wi-Fi and a small store with snacks, beverages and merchandise for campers will be available at all Pathfinder Camp Resort locations. It is anticipated that reservations will open mid-January where campers can start booking for spring and summer stays.
Pathfinder Camp Resorts, Fort Langley (The Fort Camping)
Downtown Fort Langley is only a short walk across the Fraser River bridge from the Fort Camping, which is now part of the Pathfinder Camp Resorts offering. With over 155 rentable short term RV pads, as well as tent cabins, Fort Camping is located in the heart of a fast growing and popular tourist town which offers endless activities onsite as well as fine dining and shopping experiences nearby. Pathfinder Camp Resorts operate Fort Camping under license granted by Metro Vancouver Regional district.
PFI is committed to the growth and expansion of its Pathfinder Camp Resorts brand and has several acquisitions in its pipeline that meet the brand's criteria. PFI plans to acquire another location in Parksville, BC before years end, which will offer 150+ sites and a similar camp resort experience for Vancouver Island campers.
Private Placement Increased
PFI has increased the previously announced non-brokered private placement from $2,100,000 to $4,900,000. The terms of the non-brokered private placement remain unchanged whereby the Company is offering up to 70 million Common Shares at a price of $0.07 per share for gross proceeds of up to $4,900,000. The proceeds of the Private Placement will be used to fund the purchase and site upgrades of the RV parks and campgrounds in southern British Columbia and for general working capital of the Resulting Issuer.
Update on Qualifying Transaction with Discovery One Investments Corp. (TSXV: DOIT.P) "DOIT"
PFI's plans to list on the TSX Venture Exchange remain on track where the arrangement will represent a Reverse-Take-Over transaction of DOIT by PFI. The amalgamation is expected to close on or about Feb. 28, 2021. Trading in DOIT's shares will remain halted until completion of the amalgamation. Complete details regarding PFI, the amalgamation and the financing will be contained in a filing statement which will be filed on SEDAR prior to closing.
For further information, please contact:
Joe Bleackley- Chief Executive Officer, Founder and Director
Phone: (604) 914-2575
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.
Forward-Looking Information Cautionary Statement
This news release contains forward-looking statements relating to the timing and completion of the Transaction, the future operations of the Corporation and other statements that are not historical facts. 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 Transaction and 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 the failure to satisfy the conditions to completion of the Transaction set forth above and other 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. As a result, the Corporation cannot guarantee that the Transaction will be completed on the terms and within the time disclosed herein or at all. 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 and the Corporation will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
In the case of PFI, this news release includes certain "forward-looking statements" which are particular to PFI and are not comprised of historical facts. Forward-looking statements include estimates and statements that describe PFI's future plans, objectives or goals, including words to the effect that PFI or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to PFI, PFI provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, PFI's objectives, goals or future plans, statements, its projected revenues and earnings, and anticipated future growth in new markets. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the ability of the PFI to successfully implement its development strategy and whether this will yield the expected benefits; competitive factors in PFI's industry sector; the success or failure of product development programs; currently existing applicable laws and regulations or future applicable laws and regulations that may affect PFI' s business; decisions of regulatory authorities and the timing thereof; Covid-19 related risks, availability of properties; the economic circumstances surrounding PFI's business, including general economic conditions in Canada, the US and worldwide; changes in exchange rates; changes in the equity market; inflation; uncertainties relating to the availability and costs of financing needed in the future; and those other risks to be disclosed in the filing statement or other disclosure document to be prepared in connection with the Transaction. Although PFI believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. PFI disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.