Mr. Steven Scott reports
STORAGEVAULT TO ACQUIRE 2 STORAGE LOCATIONS; COMPLETES PREVIOUSLY ANNOUNCED PURCHASE OF STORAGE ASSET; ISSUES OPTIONS
Storagevault Canada Inc. is providing an update on the following: (1) It has agreed to acquire two stores in Ontario for $20-million; (2) It has completed the acquisition of one of the stores announced on Nov. 6, 2023, for an aggregate purchase price of $13.5-million; and (3) It has issued 1.6 million options.
Acquisition of two storage locations in Ontario
Storagevault has agreed to acquire two stores from two arm's-length vendor groups for an aggregate purchase price of $20-million, subject to customary adjustments, and the purchase price is expected to be paid with funds on-hand and first mortgages. The acquisitions are expected to close in the first quarter of 2024.
The obligations of Storagevault to complete the acquisitions are subject to conditions including, but not limited to: board approval, satisfactory due diligence and satisfactory environmental site assessment reports.
Completes previously announced purchase of storage asset
Further to its Nov. 6, 2023, and Dec. 8, 2023, news releases, Storagevault has completed the acquisition of a Quebec City-located storage asset for $13.5-million, subject to customary adjustments. The purchase price was paid with funds on-hand.
With these acquisitions, Storagevault has now announced $130.1-million of acquisitions this year, of which $94.6-million have closed in fiscal 2023. The one remaining transaction announced on Nov. 6, 2023, and the acquisitions announced above, are expected to close in Q1 2024.
Issuance of options
Storagevault has granted, subject to regulatory approval, a total of 1.6 million options to purchase common shares of Storagevault to directors, officers, employees and consultants of Storagevault. The options were issued with an exercise price of $5.23 per common share and an expiry date of Dec. 28, 2033. After this option issuance, Storagevault has 36,608,500 options issued and outstanding.
About Storagevault Canada Inc.
Storagevault owns and operates 242 storage locations across Canada. Storagevault owns 211 of these locations plus over 5,000 portable storage units representing over 11.7 million rentable square feet on over 685 acres of land. Storagevault also provides last-mile storage and logistics solutions and professional records management services, such as document and media storage, imaging and shredding services.
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