Red Mountain Reaches Crowd Funding Reservations Goal
SAM Magazine—Rossland, B.C., Feb. 16, 2017—Red Mountain reached its goal of $10 million in reservations through an online crowd-funding campaign from people who would be interested in investing a minimum of $1,000 for an equity share of the resort if it were to offer one. Red has now begun the legal and accounting process of launching an equity offer, which it hopes will be ready by fall.
“This campaign has always been and will continue to be about your passion for skiing and your love and respect for Red Mountain,” said Red Mountain CEO Howard Katkov in an online letter announcing the accomplishment. “You are standing up for independent skiing and the preservation of a place and a lifestyle that must be protected— and celebrated—for generations.”
Nearly 3,000 people have pledged their support for the campaign. Tiers of investment range from $1,000 to $25,000, each with a different set of “rewards” that include lift tickets, season passes, custom skis/snowboard, and more. “We now sincerely hope that a large percentage of the RED fans that pledged their support will convert their reservations to a real investment when the Phase II launches this fall," said Katkov.
If the goal of $10 million is raised through the crowd-funding equity offering, the funds will be used for capital projects to enhance the resort, including lodge renovation, terrain expansion, summer trail building, and construction of a new restaurant, clubhouse, and cabins.