SaskWorks Venture Fund Inc.

March 18, 2016 16:25 ET

SaskWorks Venture Fund Inc.: Press Release and Early Warning Report

REGINA, SASKATCHEWAN--(Marketwired - March 18, 2016) - This press release is issued by SaskWorks Venture Fund Inc. ("SaskWorks") pursuant to the early warning requirements of National Instrument 62-103 with respect to the common shares of StorageVault Canada Inc. (the "Issuer").

On March 17, 2016, SaskWorks acquired ownership and control of 5,291,667 common shares ("Common Shares") of StorageVault Canada Inc. (the "Issuer"), representing 3.0% of the issued and outstanding Common Shares of the Issuer as of the date hereof. Concurrently, SaskWorks' joint actor, Apex II Investment Fund Limited Partnership ("Apex II") acquired ownership and control of 2,284,091 Common Shares of the Issuer, representing 1.3% of the issued and outstanding Common Shares of the Issuer as of the date hereof.

SaskWorks now owns and controls 38,044,366 Common Shares of the Issuer (including share purchase warrants and other securities convertible into Common Shares), representing 21.28% of the issued and outstanding Common Shares of the Issuer as of the date hereof. SaskWorks' joint actor Apex II now owns and controls 7,126,352 Common Shares of the Issuer (including share purchase warrants and other securities convertible into Common Shares), representing 3.99% of the issued and outstanding Common Shares of the Issuer as of the date hereof.

The Common Shares were issued to SaskWorks and Apex II by the Issuer in a private placement at a price of $0.66 per Common Share.

The Common Shares were acquired by SaskWorks and Apex II for investment purposes. Depending on economic or market conditions or matters relating to the Issuer, SaskWorks and/or Apex II may choose to either acquire additional Common Shares or dispose of Common Shares of the Issuer.

A copy of the early warning report filed under National Instrument 62-103 in connection with this acquisition is available under the Issuer's profile on the SEDAR website at www.sedar.com. A copy of the early warning report may be obtained upon request by contacting Rob Duguid at (306) 791-0165.

Contact Information

  • Rob Duguid
    (306) 791-0165