StorageVault to Acquire Canadian Storage Portfolio for $396.6 Million and Agrees to Internalize Management and Acquire Third Party Management Business for $16 Million

TORONTO, ONTARIO--(Marketwired - March 22, 2017) - STORAGEVAULT CANADA INC. ("StorageVault") (TSX VENTURE:SVI) is pleased to announce the following: (1) it has entered into a share purchase agreement executed on March 21, 2017 to acquire all of the shares of a private Canadian corporation from an arm's length shareholder for $396,600,000 resulting in StorageVault acquiring a Canadian portfolio of storage assets; and (2) it has reached an agreement in principle with Access Results Management Services Inc., a related party of StorageVault, to internalize management of StorageVault's 50 stores and acquire the third party management contracts for over 55 stores from Access Results Management Services Inc. for $16,000,000.

ACQUISITION OF CANADIAN STORAGE PORTFOLIO

StorageVault has entered into a share purchase agreement whereby StorageVault will purchase (the "Acquisition") all of the issued and outstanding shares (the "Shares") of a private Canadian corporation ("TargetCo") from an arm's length shareholder (the "Portfolio Vendor") of TargetCo. The gross purchase price for the Shares is $396,600,000, subject to customary adjustments.

TargetCo owns storage assets complementing StorageVault's current operating platform. In evaluating the Acquisition, StorageVault used, in part, financial performance measures such as revenue, net operating income and funds from operations, and these financial performance measures were generally in line with StorageVault's requirements for acquisitions.

If all of the conditions under the share purchase agreement are met or waived, it is anticipated that the closing of the Acquisition will occur on or around June 30, 2017.

Purchase Price and Payment

The gross purchase price for the Shares is $396,600,000, subject to customary adjustments, and is payable by the issuance of $20,000,000 of common shares of StorageVault at a deemed price of $1.70 per common share, with the remainder of the purchase price being paid with funds on hand, debt assumption and mortgage financing in such proportions to be determined at closing of the Acquisition.

Conditions Precedent to the Proposed Acquisition

The obligations of StorageVault to complete the Acquisition are subject to initial conditions including, but not limited to: satisfactory due diligence; satisfactory Environmental Site Assessment Reports; and formal StorageVault board of directors and acquisition committee approval of the Acquisition. The obligations of StorageVault and the Portfolio Vendor to complete the closing of the Acquisition are subject to the satisfaction of other customary closing conditions including, but not limited to: TSX Venture Exchange ("TSXV") acceptance and other regulatory approvals of the Acquisition.