STORAGEVAULT UPDATES PROPOSED $51MM ASSET ACQUISITION
STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX-V) announced today, that further to its news releases dated December 5, 2014 and March 5, 2015, in connection with StorageVault’s proposed acquisition of all of the portable storage assets and business of Cubeit Portable Storage Canada Inc. and certain of the self-storage assets and business of Access Self Storage Inc. (the “Proposed Acquisition), StorageVault has received board of director approval for the Proposed Acquisition, has executed a financing commitment letter in connection with financing the Proposed Acquisition and has received conditional acceptance from the TSX Venture Exchange regarding the Proposed Acquisition. StorageVault anticipates the closing of the first tranche will occur on or around April 30, 2015.
Completion of the Proposed Acquisition remains subject to a number of customary and standard closing conditions as set forth in the Purchase Agreement. There can be no assurance that the Proposed Acquisition will be completed as proposed or at all.