StorageVault Canada to acquire two Ottawa stores for $13.3 million

STORAGEVAULT Canada Inc., a storage space company, announced that it has entered into an asset purchase agreement executed with rival Access Self Storage Inc. to purchase two stores in Ottawa.

The purchase price for the Ottawa acquisition is $13.3 million, subject to adjustments, and is payable by the issuance of $4 million of common shares of StorageVault at a price equal to the greater of $2.70 per common share or the volume weighted average common share price during the 10 day period ending two days prior to closing, with the remainder of the purchase price being paid with funds on hand and first mortgage financing.

Closing of the Ottawa acquisition is also subject to the satisfaction of other customary closing conditions, including Toronto Stock Venture Exchange acceptance of the Ottawa acquisition.

StorageVault also announces that it has completed the previously announced acquisition of three stores, two in Quebec and one in Saskatchewan, for $16 million.