CALGARY, ALBERTA--(Marketwired - March 17, 2017) - STORAGEVAULT CANADA INC. ("StorageVault") (TSX VENTURE:SVI) is pleased to announce the following: (1) it intends to close the previously announced acquisitions for the Kitchener asset, the 5 store Prairie portfolio and the Kamloops asset on or before March 31, 2017, and (2) it has issued 3,000,000 options to directors, officers, employees and consultants of StorageVault.
Updates Previously Announced Kitchener Acquisition, 5 Store Portfolio and Kamloops Purchases
Further to its September 6, 2016, December 23, 2016 and March 10, 2017 news releases, and the waiver of all due diligence conditions for such acquisitions, StorageVault intends to close the purchases of the $7,400,000 Kitchener asset, the $22,000,000 five store Prairie portfolio and the $2,800,000 Kamloops store on or before March 31, 2017. When these acquisitions close, they will add scale to StorageVault's current operations and will bring the total of number of StorageVault stores across Canada to 56.
Issues 3,000,000 Options
StorageVault has granted, subject to regulatory approval, a total of 3,000,000 options to purchase common shares of StorageVault to directors, officers, employees and consultants of StorageVault. The options were issued with an exercise price of $1.78 per common share and an expiry date of March 15, 2027. After the option issuance, StorageVault has 13,999,000 options issued and outstanding and 15,070,404 options currently available for future issuance (for a total of 29,064,404 options under the Corporation's 10% stock option plan).
Of the options granted above, 2,405,000 options were granted to directors and officers of StorageVault. StorageVault has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of these options (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than $2,500,000).
About StorageVault Canada Inc.
StorageVault owns and operates storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec and Nova Scotia.
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.
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information in relation to the potential closing of the proposed acquisitions and the potential closing dates for the proposed acquisitions. This forward-looking information reflects StorageVault's current beliefs and is based on information currently available to StorageVault and on assumptions StorageVault believes are reasonable. These assumptions include, but are not limited to: the satisfactory fulfilment of all of the conditions precedent to the proposed acquisitions; the receipt of all required approvals for the proposed acquisitions including TSXV acceptance; the issuance of the Common Shares as disclosed above as part of the purchase price for the proposed acquisitions; the value of the appraisals received for the proposed acquisitions; and acceptable financing to complete the proposed acquisitions. Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of StorageVault to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting StorageVault; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations and appraisals; and lack of qualified, skilled labour or loss of key individuals.
A description of additional assumptions used to develop such forward-looking information and a description of additional 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. Although StorageVault has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of StorageVault as of the date of this news release and, accordingly, is subject to change after such date. However, StorageVault expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.