StorageVault announces successful closing of $50M

StorageVault announces successful closing of $50M
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TORONTO – STORAGEVAULT CANADA INC. (SVI-TSX-V) announced that it has completed its previously announced offering of listed senior unsecured hybrid debentures with a syndicate of underwriters co-led by Scotia Capital Inc. and CIBC World Markets Inc. and including National Bank Financial Inc., TD Securities Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Canaccord Genuity Corp., Cormark Securities Inc. and Stifel Nicolaus Canada Inc. on a bought deal basis. A total of $50 million aggregate principal amount of Debentures were issued at a price of $1,000 per Debenture. StorageVault has granted the Underwriters an option to purchase up to an additional $7.5 million aggregate principal amount of Debentures, on the same terms and conditions, exercisable in whole or in part, for a period of 30 days following closing of the Offering.

The Debentures bear interest at a rate of 5.50% per annum, payable semi-annually in arrears on March 31 and September 30 of each year, commencing on September 30, 2021, and will mature on September 30, 2026. The Debentures are expected to commence trading on the TSX Venture Exchange under the symbol “SVI.DB.B” on July 19, 2021.

The net proceeds of the Offering will be used to fund‎ potential future acquisition opportunities and for ‎general corporate ‎purposes‎.

StorageVault owns and operates 223 storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia. StorageVault owns 183 of these locations plus over 4,400 portable storage units representing over 10.2 million rentable square feet on over 600 acres of land. StorageVault also provides professional records management services, such as document and media storage, imaging and shredding services.

We seek Safe Harbor.

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