STORAGEVAULT EXTENDS FIRST CLOSING DATE OF PROPOSED $51MM ASSET ACQUISITION TO APRIL 30, 2015
STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX-V): further to a news release dated December 5, 2014, StorageVault, Access Self Storage Inc. (“Access”) and Cubeit Portable Storage Canada Inc. (“Cubeit”, and together with Access, the “Vendors”) have agreed to an extension of the first tranche closing date to April 30, 2015, or earlier as the case may be, to accommodate necessary due diligence requirements regarding the purchase of all of the portable storage assets and business of Cubeit and certain of the self-storage assets and business of Access (collectively, the “Proposed Acquisition”). In addition, the initial condition period of the Proposed Acquisition has been extended to April 24, 2015. Pursuant to the initial conditions of the Proposed Acquisition, the obligations of StorageVault and the Vendors to complete the Proposed Acquisition is subject to initial due diligence conditions and board of director approval of the Proposed Acquisition, which now must be satisfied on or before April 24, 2015. StorageVault has received conditional acceptance from the TSX Venture Exchange of the Proposed Acquisition, however the Proposed Acquisition still remains subject to TSX Venture Exchange final acceptance. All other material terms of Proposed Acquisition, including the aggregate purchase price of $51,275,000 (subject to customary adjustments), as well as additional closing conditions, remain the same. For further information on the terms and conditions of the Proposed Acquisition, please see StorageVault’s news release dated December 5, 2014 which is filed on the SEDAR website at www.sedar.com.