StorageVault Closes Transaction to Swap Ontario Storage Assets
August 23, 2016
CALGARY, ALBERTA--(Marketwired - Aug. 23, 2016) - STORAGEVAULT CANADA INC. ("StorageVault") (TSX VENTURE:SVI) is pleased to announce that, further to its June 8, 2016 news release, it has completed the $3,483,333 acquisition of all of the storage assets, property and business used in the operation of one Ottawa, Ontario area self storage store (the "Acquisition") and the transfer and conveyance (the "Disposition") of one of StorageVault's London, Ontario properties to the Vendor as part of the consideration for the Acquisition (collectively, the Acquisition and the Disposition are the "Swap"). The Acquisition gives SVI its first store in the nation's capital, the fourth largest populated city in Canada, and as part of the transaction, 300 portable storage units.
The purchase price for the Acquisition in the amount of $3,483,333, subject to adjustments, was paid by way of the Disposition valued at $3,350,000 and $133,333 by the issuance of 166,667 common shares of the Corporation at a deemed price of $0.80 per common share.
About StorageVault Canada Inc.
StorageVault owns and operates storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia.
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.
Mr. Steven Scott or Mr. Iqbal Khan