StorageVault Canada Inc.

January 18, 2010 12:16 ET

StorageVault Announces Private Placement Financings

REGINA, SASKATCHEWAN--(Marketwire - Jan. 18, 2010) - STORAGEVAULT CANADA INC. ("StorageVault") (TSX VENTURE:SVI) - StorageVault is pleased to announce that subject to certain conditions being met, PFM Capital Inc. ("PFM Capital") has committed to having two investment funds managed by it (collectively, the "Funds"), make a further equity investment in StorageVault. Pursuant to the first private placement, the Funds, will acquire, 7,142,857 common shares of StorageVault at a price of $0.28 per common share for total gross proceeds of $2.0 million. The first private placement is subject to the negotiation and execution of definitive agreements in relation to a joint venture ("Joint Venture") among StorageVault, CanStore Self Storage LP and CSS Holdings LP as disclosed in StorageVault's press release dated November 23, 2009, TSX Venture acceptance and other usual conditions.

Pursuant to the commitment, the Funds may provide a further $2.0 million in equity to StorgaeVault, to be priced at $0.32 per common share, subject to PFM Capital being satisfied with the financial and operational benchmarks that are established in relation to the performance of the Joint Venture, the approval of PFM Capital's investment committee, TSX Venture acceptance and other usual conditions.

The net proceeds from both private placements will be used by StorageVault to fund the Joint Venture as well as for general working capital purposes.

About StorageVault Canada Inc.

StorageVault currently owns and operates Trans Can Mini-Stor in Regina, Kenaston Self Storage in Winnipeg and Canadian PUPS in Saskatoon. Both Trans Can Mini-Stor and Kenaston Self Storage are fixed unit storage facilities operating in conjunction with high margin Canadian PUPS portable storage franchises at each location. StorageVault operates Canadian PUPS in Saskatoon as a stand-alone portable storage franchise. StorageVault intends to continue to grow its business through the acquisition of additional self-storage properties and organically as master franchisee through the development of Canadian PUPS portable storage facilities in Canada. The common shares of StorageVault are listed on the TSX Venture Exchange.

About PFM Capital Inc.

Saskatchewan-based PFM Capital manages $300 million in private equity in western Canada. PFM Capital has been managing private equity and venture capital investments since 1993, and currently holds 38 private, as well as publicly-traded companies in the portfolios of its managed funds.

Forward-Looking Information: This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in StorageVault's disclosure documents on the SEDAR website at In addition, StorageVault has assumed that PFM Capital Inc. will obtain its investment committee approval for the second financing and the definitive agreement is executed. StorageVault does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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.

Contact Information

  • StorageVault Canada Inc.
    Mr. Alan Simpson
    (306) 536-3771
    StorageVault Canada Inc.
    3603 Selinger Crescent
    Regina, Saskatchewan S4V 2H7