StorageVault Completes Purchase of Two Storage Assets for $8.7 Million
August 23, 2021
STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX-V) is pleased to announce that, further to its April 14, 2021 and July 8, 2021 news releases ((all announced transactions are now closed), it has completed the acquisition of two stores, one in the GTA and one in Alberta, from two vendor groups (the “Acquisitions”), for an aggregate purchase price of $8,672,000. The Acquisitions were arm’s length transactions.
The purchase price for the Acquisitions, subject to customary adjustments, was paid by the issuance of 713,537 common shares of StorageVault (“Payment Shares”) at an aggregate price of $3.6 million with the remainder being paid with funds on hand. The Payment Shares are subject to a hold period that expires four months and a day from the date of issuance of such shares.
With the completion of these two purchases, StorageVault has now closed $140.7 million of transactions to date this year.
Continued Focus on Environmental Initiatives
With the GTA store purchase, StorageVault acquired a rooftop solar panel system adding to our ongoing commitment to implement sustainable environmental practices.
About StorageVault Canada Inc.
StorageVault now owns and operates 226 storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia. StorageVault owns 186 of these locations plus over 4,500 portable storage units representing over 10.2 million rentable square feet on over 600 acres of land. StorageVault also provides last mile storage and logistics solutions and professional records management services, such as document and media storage, imaging and shredding services.
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.