StorageVault Completes Previously Announced Purchase of 14 Storage Locations for $220 Million

TORONTO, Dec. 04, 2020 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX-V) is pleased to announce that, further to its November 2, 2020 news release, it has completed the acquisition of 13 stores and 1 piece of vacant land (collectively, the “Acquisitions”) from six vendor groups (collectively, the “Vendors”), for an aggregate purchase price of $220 million. Four of the Acquisitions are arm’s length and two, totaling $30 million, are related party acquisitions (the “Related Party Acquisitions”) with Access Self Storage Inc. or its affiliates or associates (collectively, “Access”) as the Vendor. The Related Party Acquisitions were closed in escrow pending TSX Venture Exchange acceptance of such Acquisitions.

The purchase price for the Acquisitions in the amount of $220 million, subject to customary adjustments, will be paid by the issuance of 2,178,964 common shares of StorageVault (“Payment Shares”) at an aggregate price of $8 million with the remainder being paid with funds on hand, promissory note and mortgage financing. The Payment Shares are subject to a hold period that expires four months and a day from the date of issuance.

EXEMPTION FROM MI 61-101 AND TSXV POLICY 5.9;
As Access is a non-arm’s length party to StorageVault, the Related Party Acquisitions are 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 Related Party Acquisitions and the issuance of the Payment Shares pursuant to the Related Party Acquisitions, 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 209 storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia. StorageVault owns 167 of these locations plus over 4,600 portable storage units representing over 9.2 million rentable square feet.

For further information, contact Mr. Steven Scott or Mr. Iqbal Khan:

Tel: [phone]
[e-mail]

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.