StorageVault Updates Acquisition of $275 Million 38 Store Real Storage Portfolio

April 01, 2019

STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX-V) is pleased to announce, further to its February 6th, 2019 news release, that it has received Competition Act approval, as well as the approval of the shareholders of Wilmington Capital Management Inc.

To assist StorageVault with the Real Storage acquisition (the “Acquisition”), and to refinance existing debt, StorageVault has signed an Indicative Term Sheet for a revolving credit facility for $320 million for a 3 year term (the “Credit Facility”). The Bank of Nova Scotia (“Scotiabank”) and TD Securities Inc. (“TD”) will act as Co-Lead Arrangers and Joint Bookrunners for the Credit Facility, with Scotiabank and The Toronto-Dominion Bank each seeking to commit $160 million upon funding of the Credit Facility. Scotiabank will be the Administrative Agent for the Credit Facility.

Upon funding, this Credit Facility will replace the remaining $83 million of outstanding indebtedness of the $270 million revolving credit facility announced on August 1, 2017.

There will be no common shares issued as part of the purchase price for the Acquisition.

The Acquisition is scheduled to close on or around April 15, 2019.

Other Information

Completion of the Acquisition is subject to a number of closing conditions as set forth in the purchase agreement. The definitive credit agreement for the Credit Facility is expected to be signed on closing, however, there can be no assurance that it will be executed or that the Credit Facility will be completed as proposed, or at all. The TSX Venture Exchange has in no way passed upon the merits of the Acquisition and has neither approved nor disapproved the contents of this news release.

ABOUT STORAGEVAULT CANADA INC.

StorageVault owns and operates 161 storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia. StorageVault owns 107 of these locations plus over 4,600 portable storage units representing over 6 million rentable square feet.

For further information, contact Mr. Steven Scott or Mr. Iqbal Khan:

Tel: 1-877-622-0205
ir@storagevaultcanada.com

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.

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information in relation to: the proposed Acquisition; the timing for completion of the proposed Acquisition; and the potential Credit Facility to assist with the Acquisition, including the lenders seeking to commit funds under the potential Credit Facility. This forward-looking information reflects StorageVault’s current beliefs and is based on information currently available to StorageVault and on assumptions StorageVault believes are reasonable. These assumptions include, but are not limited to: the satisfactory fulfilment of all of the conditions precedent to the proposed Acquisition; the receipt of all required approvals for the proposed Acquisition including TSX Venture Exchange acceptance; and the Indicative Term Sheet resulting in a definitive credit agreement for the Credit Facility and the issuance of $320 million of credit under the Credit Facility. Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of StorageVault to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: delay or failure to receive required approvals for the Acquisition or the Credit Facility, or funding from the Credit Facility; general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; the actual results of StorageVault’s future operations; competition; changes in legislation, including environmental legislation, affecting StorageVault; the timing and availability of external financing on acceptable terms; lack of qualified, skilled labour or loss of key individuals; and the possibility that legal proceedings may be instituted against Wilmington Capital Management Inc. and/or others relating to the Acquisition, and the outcome of such proceedings. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in StorageVault’s disclosure documents on the SEDAR website at www.sedar.com. Although StorageVault has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of StorageVault as of the date of this news release and, accordingly, is subject to change after such date. However, StorageVault expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.