StorageVault Closes Acquisitions of $4.4 Million of Storage Assets in Moose Jaw, Saskatchewan and $2.3 Million of Storage Assets in Midland, Ontario; Announces Dividend ClarificationDecember 19, 2016
CALGARY, ALBERTA–(Marketwired – Dec 19, 2016) – STORAGEVAULT CANADA INC. (“StorageVault“) (TSX VENTURE:SVI) is pleased to announce that, further to its October 20, 2016 and December 5, 2016 news releases, it has completed the $4,400,000 acquisition of all of the storage assets, property and business used in the operation of two Moose Jaw, Saskatchewan area self storage stores (the “Moose Jaw Saskatchewan Acquisition“) as well as the $2,300,000 acquisition of all of the self storage assets, property and business used in the operation of one Midland Ontario area self storage store (the “Midland Ontario Acquisition“). The Midland Ontario Acquisition is a non arm’s-length transaction while the Moose Jaw Saskatchewan Acquisition is considered to be a related party transaction.
The purchase price for the Moose Jaw Saskatchewan Acquisition in the amount of $4,400,000, subject to adjustments, was paid by the issuance of 162,602 common shares of StorageVault (“Common Shares“) at an aggregate deemed price of $200,000 with the remainder being paid with funds on hand. The Common Shares are subject to a hold period that expires on April 17, 2017. The Moose Jaw Saskatchewan Acquisition adds additional scale to StorageVault’s current operations in Saskatchewan.
The purchase price for the Midland Ontario Acquisition in the amount of $2,300,000, subject to adjustments, was paid with cash on hand. The Midland Ontario Acquisition will result in StorageVault having 17 stores in the strong Ontario market.
Dividend Record Date and Ex-Dividend Date clarification
Further to its news release of December 15, 2016, StorageVault wishes to clarify the record date and ex-dividend date for its fourth quarter dividend of $0.0025 per Common Share. The dividend will be payable on January 16, 2017 to shareholders of record on December 30, 2016, with an ex-dividend date of December 28, 2016.
Exemption from MI 61-101 and TSXV Policy 5.9
The Moose Jaw Saskatchewan Acquisition is considered to be a “related party transaction” as defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“) and TSX Venture Exchange (“TSXV“) Policy 5.9. StorageVault is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101 and TSXV Policy 5.9, in respect of the Moose Jaw Saskatchewan 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 owns and operates storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia.
For further information, or to obtain a copy of the Early Warning Report of Access, 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.