$1.5 Million Subscription Milestone Surpassed!
A Note From Howard Katkov, RED CEO
I always had faith it would happen—at least deep down.
Sure, there have been some 2am night sweats, some head-down Sunday mornings in the office… But you’ve supported this campaign since it launched in August 2016 and your support has kept it a living, breathing thing.
The good news is that we’ve hit our first, big, make-or-break milestone on this campaign— As of this writing as of Friday afternoon, we are at a combined US and Canadian subscriptions of approximately CDN $1,720,258, well over our first stated minimum offering of $1,500,000 CDN—and that’s a win worth celebrating! (With an email!).
Some of you supported this venture by subscribing on FrontFundr or StartEngine as soon as we opened the gates and we can’t thank you enough for throwing down like that. Some of you argued with us and amongst yourselves on Facebook, trying to puzzle out whether independent skiing and snowboarding were really best supported by this historic crowdfunding. Many of you watched the videos and national press coverage and shared these tidbits with your social networks, helping spread the word to far-flung locales like New Zealand and Scotland and Shutty Bench.
Some of the subscriptions came in big $10K and $25K digital dumps—like waking up to find out that two feet of fresh just blanketed every surface, changing everything. Most of the subscriptions piled up $1K and $3.5K at a time, though, as regular skiers and snowboarders who maybe don’t normally invest in companies, directly took our message to heart and threw down for a cause they truly believe in. Some tried to talk us out of setting such a low $1,000 minimum buy-in, but we knew that many of our most passionate fans could be comfortable investing at this level and we’re incredibly grateful that they have. Every investment, large or small, in this historic campaign is a big one. Believe that.
Skiers and snowboarders are accustomed to pulling the trigger at the eleventh hour, packing up the truck for a powder mission on a moment’s notice… I think that’s what we saw here as dozens of investors came in during the final 24 hours to help us hit our subscription goal – it’s been fun to watch that needle move.
With this massive flurry of subscriptions this last week, we’ve now started the process of closing. But due to the processing times for both StartEngine and FrontFundr along with the final rush of subscriptions we had, we expect it will take approximately another 7-10 days to complete the processing and close the current subscriptions. And since we have hit the minimum subscription goal, we are excited to announce that this campaign will continue on both sides of the border throughout the winter until April 2nd, 2018, thanks to your overwhelming support. We will have rolling closes approximately every month following this first close – so for those of you that may still be on the fence, it’s still not too late to join our family! The additional proceeds will still be used to support our capital projects as set forth in the Use of Proceeds section of the Offering Circular (US) and Offering Memorandum (CDN). More importantly, it means that all this work and the work moving forward has not been in vain. We took a real risk sticking our neck out on behalf of independent skiing and snowboarding, knowing there was no shortage of corporate axes, happy to try and chop it off. You stuck your neck out with us.
For All Investors that Made the Minimum Subscription Goal Deadline:
We expect that some of you might wish to use your tickets and/or season pass on our Opening Day, or later in December before your welcome packets arrive at your address. In the event we do not withdraw funds before Opening Day, all investors who have submitted an investment with and committed funds will be eligible for the perks—RED will issue your ticket or pass at our Guest Services Department. Please reach out to Matt Henry, our Director of Investor Relations, at firstname.lastname@example.org and he will arrange to have your tickets and or season pass available.
So, for those of you who made it into the first closing, welcome to our family of new investors and more importantly, welcome to our community. Your actions are historic in the universe of ski ownership and without you, we would not have succeeded. Your belief in RED Mountain Resort—and what we represent in this age of consolidation—is why we took this risk. We believed that you’d come through for us, and you did. The family’s certainly gotten bigger with this Fight the Man, Own the Mountain campaign, but I know we’ll always have room at the table for a few more rogues who love skiing and snowboarding more than anything else. I hope and trust over time, that all of us can meet, share stories, ski or snowboard together and of course share a glass of wine or beer.
Lifelong Skier, CEO, and Fly in “The Man’s” Soup
PS. Don’t forget this isn’t over – you can still invest in the next rolling close!
AN OFFERING STATEMENT REGARDING THIS OFFERING HAS BEEN FILED WITH THE SEC. THE SEC HAS QUALIFIED THAT OFFERING STATEMENT, WHICH ONLY MEANS THAT THE COMPANY MAY MAKE SALES OF THE SECURITIES DESCRIBED BY THE OFFERING STATEMENT. IT DOES NOT MEAN THAT THE SEC HAS APPROVED, PASSED UPON THE MERITS OR PASSED UPON THE ACCURACY OR COMPLETENESS OF THE INFORMATION IN THE OFFERING STATEMENT. THE OFFERING CIRCULAR THAT IS PART OF THAT OFFERING STATEMENT CAN BE VIEWED HERE. YOU SHOULD READ THE OFFERING CIRCULAR BEFORE MAKING ANY INVESTMENT.