Completes the Purchase of Storage Asset for $45 Million TORONTO, Jan. 24, 2022 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX-V) is pleased to announce that, further to its January 18, 2022 news release, it has completed the acquisition of one store in Toronto, Ontario (the “Acquisition”) for $45,000,000. The Acquisition is a related party acquisition as Access Self Storage Inc. (“Access”) was one of the vendors in the Acquisition.
The purchase price for the Acquisition in the amount of $45,000,000, subject to customary adjustments, was paid by the issuance of 3,356,560 common shares of StorageVault (the “Payment Shares”) to the vendors at an aggregate purchase price of $22,000,000, with the remainder of the purchase price being paid with funds on hand or consisting of debt of the store being acquired. The Payment Shares are subject to a hold period that expires on May 22, 2022.
Exemption from MI 61-101 and TSXV Policy 5.9
As Access is a non-arm’s length party to StorageVault and is one of the vendors in the Acquisition, the Acquisition may be 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 TSXV Policy 5.9, in respect of the Acquisition and the issuance of certain 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.
https://www.globenewswire.com/news-release/2022/01/24/2371952/0/en/StorageVault-Completes-the-Purchase-of-Storage-Asset-for-45-Million.html