StorageVault Completes Previously Announced Purchase of Storage Location for $27.8 Million
TORONTO, May 04, 2021 (GLOBE NEWSWIRE) — STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX-V) is pleased to announce that, further to its April 14, 2021 news release, it has completed the acquisition of one store in the Greater Toronto Area, (the “Acquisition”) from Access Self Storage Inc. and its affiliates (collectively “Access”), for an aggregate purchase price of $27,750,000. The Acquisition is a non arm’s-length transaction.
The purchase price for the Acquisitions in the amount of $27,750,000, subject to customary adjustments, was paid by the issuance of 932,871 common shares of StorageVault (“Payment Shares”) at an aggregate price of $4.0 million with the remainder being paid with funds on hand and mortgage assumption. The Payment Shares are subject to a hold period that expires four months and a day from the date of issuance of such shares.
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 176 of these locations plus over 4,600 portable storage units representing over 9.6 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.
For further information, 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.