StorageVault Completes Previously Announced Purchase of Two Stores in Winnipeg, Manitoba
April 28, 2020
STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX-V) is pleased to announce that, further to its April 9, 2020 news release, it has completed the acquisition of two stores in Winnipeg, Manitoba (collectively, the “Acquisition”) from Access Self Storage Inc. (“Access”), for an aggregate purchase price of $7,845,000, subject to final approval of the TSX Venture Exchange. The Acquisition is a non arm’s-length transaction.
The purchase price for the Acquisition in the amount of $7,845,000, subject to customary adjustments, was paid by the issuance of 1,240,323 common shares of StorageVault (“Payment Shares”) at a deemed aggregate price of $3,845,000 or $3.10 per common share, with the remainder being paid with mortgage financing and funds on hand. The Payment Shares are subject to a hold period that expires on August 16, 2020.
EXEMPTION FROM MI 61-101 AND TSXV POLICY 5.9
As Access is a non-arm’s length party to StorageVault, the Acquisition is considered a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and TSX Venture Exchange Policy 5.9. StorageVault is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101 and TSX Venture Exchange Policy 5.9, in respect of the Acquisition and the issuance of the Payment Shares, pursuant to Section 5.5(b) (Issuer Not Listed on Specified Markets) and Section 5.7(a) (Fair Market Value Not More Than 25% of Market Capitalization) of MI 61-101, respectively.
About StorageVault Canada Inc.
StorageVault owns and operates 202 storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia. StorageVault owns 154 of these locations plus over 4,600 portable storage units representing over 8.2 million rentable square feet.
For further information, contact Mr. Steven Scott or Mr. Iqbal Khan:
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.