StorageVault Updates Previously Announced Transactions

TORONTO, April 01, 2021 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX-V) is pleased to announce that, further to its March 3, 2021 news release, to date it has completed the acquisition of 8 stores (collectively, the “Acquisitions”) from four vendor groups (collectively, the “Vendors”), for an aggregate purchase price of $44.1 million. The balance of the previously announced acquisitions totaling $56 million is scheduled to close in Q2 2021. Three of the completed Acquisitions are arm’s length and one, totaling $6.7 million, is a related party acquisition (the “Related Party Acquisition”) with Access Self Storage Inc. or its affiliates or associates (collectively, “Access”) as the Vendor.

The purchase price for the Acquisitions in the amount of $44.1 million, subject to customary adjustments, was paid by the issuance of 2,755,456 common shares of StorageVault (“Payment Shares”) at an aggregate price of $10.8 million with the remainder being paid with funds on hand and mortgage financing. The Payment Shares are subject to a hold period that expires four months and a day from the date of issuance of such shares.

EXEMPTION FROM MI 61-101 AND TSXV POLICY 5.9;
As Access is a non-arm’s length party to StorageVault, the Related Party 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 Related Party Acquisition and the issuance of the Payment Shares pursuant to the Related Party Acquisition, 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 now owns and operates 216 storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia. StorageVault owns 175 of these locations plus over 4,600 portable storage units representing over 9.5 million rentable square feet on over 570 acres of land. StorageVault also provides professional records management services, ‎such as document and media storage, imaging and shredding services.‎