Business News • MarketWire • StorageVault to Acquire 5 Storage Assets For $19 Million; in Negotiations for Another $23 Million |
StorageVault to Acquire 5 Storage Assets For $19 Million; in Negotiations for Another $23 Million |
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StorageVault to Acquire 5 Storage Assets For $19 Million; in Negotiations for Another $23 Million
REGINA, SASKATCHEWAN--(Marketwired - Oct. 16, 2015) - STORAGEVAULT CANADA INC. ("StorageVault") (TSX VENTURE:SVI) announced today that it has entered into non-binding Letters of Intent (the "LOI's") with three different vendors to acquire 3 storage assets in Kamloops, BC and 2 storage assets in Winnipeg, MB for an aggregate purchase price of approximately $19 million (collectively, the "Transactions") subject to customary adjustments. It is anticipated that up to approximately 10% of the aggregate $19 million purchase price for the Transactions ($1.9 million) will be satisfied by the issuance of common shares of StorageVault ("Common Shares") at a deemed price of $0.65. It is anticipated that the closing of the Transactions will occur in or around November 30, 2015. The Transactions, including the issuance of any Common Shares as part of the purchase price, are subject to the acceptance of the TSX Venture Exchange (the "TSXV"). The Transactions are arm's length transactions, not contingent or conditional on each other and the vendor's in the Transactions are not related to each other.
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