StorageVault Canada Inc.
TSX VENTURE : SVI

October 18, 2010 08:00 ET

StorageVault Completes Second Tranche of Preferred Share Financing

REGINA, SASKATCHEWAN--(Marketwire - Oct. 18, 2010) - Further to a press release dated March 18, 2010, StorageVault Canada Inc. ("StorageVault") (TSX VENTURE:SVI) is pleased to announce that it issued a further 2,000,000 preferred shares of StorageVault (the "Preferred Shares") to two subscribers for total gross proceeds of $2,000,000 pursuant to the draw down of the second tranche of the private placement. The Preferred Shares issued pursuant to the second tranche private placement are subject to a four month hold period (until February 16, 2011). Proceeds of the second tranche of the private placement will be used, in part, to fund the purchase of Parksville Mini Storage first announced on September 9, 2010 and for general working capital purposes.

StorageVault Canada Inc.

StorageVault currently owns and operates Trans Can Mini-Stor in Regina, Kenaston Self Storage in Winnipeg, B&B Self Storage in Cambridge 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 also manages six self-storage facilities in southern Ontario and 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.

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 www.sedar.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.

Contact Information

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