STORAGEVAULT CANADA INC. (“StorageVault“) (TSX VENTURE:SVI): Further to a press release dated November 28, 2013, StorageVault has determined to cancel its half warrant unit and full warrant unit financing (the “Cancelled Financing“) announced in the November 28, 2013 press release.
Since announcing the private placement financing in the press release dated November 28, 2013, StorageVault has received an unsolicited, unsigned, non-binding proposal to acquire specific assets from a private arm’s length third party (the “Unsigned Proposal“). StorageVault believes it is in the best interest of StorageVault to evaluate and consider the Unsigned Proposal at this time, and as a result, not pursue the Cancelled Financing at this time. StorageVault may initiate a financing similar to the Cancelled Financing at a future date if it decides not to pursue the Unsigned Proposal.
The completion of any acquisition stemming from the Unsigned Proposal would require the negotiation and execution of a letter of intent, the negotiation and execution of an acquisition agreement in relation to the Unsigned Proposal, satisfactory completion of due diligence on the Unsigned Proposal and all of the assets subject to any acquisition stemming from the Unsigned Proposal, satisfaction of all conditions contained in any acquisition agreement resulting from the Unsigned Proposal and receipt of all required approvals, including, without limitation, the approval of the TSX Venture Exchange and, if required, the shareholders of StorageVault. There is no guarantee that an acquisition agreement in relation to the Unsigned Proposal will be executed or that any potential acquisition will be completed at all.
About 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, Parksville Mini Storage in the Regional District of Nanaimo, Space Place Self Storage in Calgary, Airport Road Self Storage in London and Canadian PUPS in Saskatoon. Trans Can Mini-Stor, Kenaston Self Storage, B&B Mini Storage, Parksville Mini Storage and Space Place Self Storage are fixed unit storage facilities operating in conjunction with Canadian PUPS portable storage franchises at each location. StorageVault operates Canadian PUPS Portable Storage in Saskatoon as a stand-alone portable storage franchise. StorageVault also manages five 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.
For more information, please visit: https://storagevaultcanada.com/