StorageVault Completes Previously Announced Purchase of 3 Storage Assets and RecordXpress
2019年4月12日 - 9:52PM
STORAGEVAULT CANADA INC.
(“
StorageVault”) (
SVI-TSX-V) is
pleased to announce that, further to its April 5, 2019 news
release, it has completed the acquisition of two stores in the
Greater Toronto Area, a 4 acre storage lot in London, Ontario and
the assets and business of RecordXpress, an information and records
management business (collectively, the
“
Acquisition”) from Access Self Storage Inc. and
RecordXpress Inc. (collectively “
Access”), for an
aggregate purchase price of $32.5 million. The Acquisition is a non
arm’s-length transaction.
The purchase price for the Acquisition in the
amount of $32,500,000, subject to customary adjustments, was paid
by the issuance of 2,964,285 common shares of StorageVault
(“Payment Shares”) at a deemed aggregate price of
$8,300,000 or $2.80 per common share, with the remainder being paid
with funds on hand and mortgage financing. The Payment Shares are
subject to a hold period that expires on August 11, 2019.
EXEMPTION FROM MI 61-101 AND TSXV POLICY
5.9; AND EARLY WARNINGAs Access is a non-arm’s length
party to StorageVault, the 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 Acquisition and the issuance
of the Payment Shares, 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.
2,964,286 Payment Shares at a deemed price of
$2.80 per share, having an aggregate value of $8,300,000, were
issued to Access in connection with the Acquisition, representing
0.83% of the issued and outstanding common shares of StorageVault.
Prior to the closing of the Acquisition, Access owned or controlled
124,972,471 common shares, representing 35.12% of the issued and
outstanding common shares of StorageVault. Access now owns or
controls 127,936,757 common shares or approximately 35.95% of the
total issued and outstanding common shares of StorageVault.
Access may increase or decrease its investment in StorageVault
depending on market conditions or any other relevant factors. The
head office address for both StorageVault and Access is 100
Canadian Road, Toronto, Ontario M1R 4Z5.
About StorageVault Canada
Inc.StorageVault owns and operates 161 storage locations
in the provinces of British Columbia, Alberta, Saskatchewan,
Manitoba, Ontario, Quebec, and Nova Scotia. StorageVault owns 107
of these locations plus over 4,600 portable storage units
representing over 6 million rentable square feet.
For further information, or to obtain a copy of
the Early Warning Report of Access, contact Mr. Steven Scott or Mr.
Iqbal Khan:
Tel: 1-877-622-0205ir@storagevaultcanada.com
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.
Storagevault Canada (TSXV:SVI)
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