StorageVault Canada Inc. Announces Increase to Previously Announced Bought Deal Offering from $35 Million to $50 Million in Gross Proceeds

July 28, 2016

TORONTO, ONTARIO--(Marketwired - July 28, 2016) -

NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN THE UNITED STATES

STORAGEVAULT CANADA INC. ("StorageVault" or the "Corporation") (TSX VENTURE:SVI) announced today that as result of investor demand it has upsized its previously announced offering of common shares (the "Shares") to 58,824,000 Shares at a price of $0.85 per Share for gross proceeds to the Company of $50,000,400 (the "Offering"). The Offering is being sold on a bought deal basis to a syndicate of underwriters led by National Bank Financial Inc. and GMP Securities Ltd., and including Canaccord Genuity Corp., Industrial Alliance Securities Inc., and Raymond James Ltd. (the "Underwriters"). The net proceeds of the sale of the Shares will be used to fund previously announced and future acquisitions, pay down debt outstanding under current credit facilities and for general and corporate purposes.

The Corporation has also granted to the underwriters an over-allotment option to purchase 8,823,600 additional Shares, representing 15% of the size of the Offering. The over-allotment option may be exercised until 30 days following the closing of the Offering.

Closing of the Offering is expected to occur on or about August 19, 2016. The Offering is subject to normal regulatory approvals, including approval of the TSX Venture Exchange of the listing of the Shares, and will be offered in each of the provinces of Canada other than the province of Quebec by way of a short form prospectus.

The Shares have not been and will not be registered under the United States Securities Act of 1933 and accordingly will not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to applicable exemptions from the registration requirements.

About StorageVault Canada Inc.

StorageVault owns and operates storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Reader Advisory

Certain statements contained herein constitute forward-looking statements, including statements concerning the anticipated closing date of the Offering and the anticipated use of proceeds of the Offering. StorageVault believes the expectations reflected in those forward-looking statements are reasonable but there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking statements. As a result, such forward-looking statements included herein should not be unduly relied upon. Closing of the Offering could be delayed if StorageVault cannot obtain necessary regulatory approvals within anticipated timelines and closing of the Offering will not be completed unless certain conditions customary for transactions of this kind are satisfied. These forward-looking statements are based on information currently available to StorageVault and on assumptions StorageVault believes are reasonable. These assumptions include, but are not limited to, the ability of the Corporation to fulfil all of the conditions and obtain all of the approvals required in relation to the Offering and the Corporation completing current and future acquisitions on a manner consistent with previous disclosure of the Corporation and consistent with past acquisitions. A description of additional assumptions used to develop such forward-looking statements and a description of additional risk factors that may cause actual results to differ materially from such forward-looking statements can be found in the Corporation's disclosure documents on the SEDAR website at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Mr. Steven Scott or Mr. Iqbal Khan
1-877-622-0205
ir@storagevaultcanada.com