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TORONTO, Nov. 22, 2019 (GLOBE NEWSWIRE) — STORAGEVAULT CANADA INC. (“StorageVault” or the “Corporation”) (SVI-TSX-V) is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange to renew its Normal Course Issuer Bid (“NCIB”) to purchase for cancellation, during the 12-month period starting November 25, 2019, up to 18,137,752 of the Common Shares, representing 5% of the Common Shares outstanding. The program will end on November 24, 2020 unless the maximum amount of Common Shares is purchased before then or StorageVault provides earlier notice of termination.
The purchase and payment for the Common Shares will be made by StorageVault through the facilities of the TSX Venture Exchange. National Bank Financial Inc. has been selected as StorageVault’s agent for the NCIB. The price paid for the Common Shares will be, subject to NCIB pricing rules contained in securities laws, the prevailing market price of such Common Shares on the TSX Venture Exchange at the time of such purchase. StorageVault intends to fund the purchases out of available cash.
StorageVault believes that the market price of its Common Shares may not reflect their underlying value and the Board of Directors has authorized this initiative because, in the Board’s opinion, the proposed purchase of Common Shares pursuant to the NCIB constitutes an appropriate use of StorageVault’s funds, and the repurchase of its Common Shares is one way of creating shareholder value.
To the knowledge of StorageVault, no director, senior officer or other insider of the StorageVault currently intends to sell any Common Shares under the NCIB. However, sales by such persons through the facilities of the TSX Venture Exchange may occur if the personal circumstances of any such person changes or any such person makes a decision unrelated to these NCIB purchases. The benefits to any such person whose Common Shares are purchased would be the same as the benefits available to all other holders whose Common Shares are purchased.
About StorageVault Canada Inc.
StorageVault owns and operates 201 storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia. StorageVault owns 151 of these locations plus over 4,600 portable storage units representing over 8.1 million rentable square feet.
For further information, contact Mr. Steven Scott or Mr. Iqbal Khan: