StorageVault Canada Inc. announced that it has agreed to acquire two locations from two arm?s length vendor groups (collectively, the Vendors) for an aggregate purchase price of $59,500,000, subject to customary adjustments (the Acquisitions). One of the locations is being purchased under a 50/50 joint venture (Joint Venture). StorageVault owns a self storage property that is nearby to the joint venture property and provides StorageVault the opportunity to expand its self storage business in that location.

The aggregate purchase price is expected to be paid with funds on hand, issuance of 640,000 StorageVault common shares valued at $4,000,000 to one of the Vendors and a vendor takeback mortgage from one of the Vendors. The Acquisitions are expected to close by the end of June 2024. Under the terms of the Joint Venture, the joint venture partner and StorageVault will each fund 50% of the purchase price of the Joint Venture location, which includes related expenditures.

The Acquisitions are subject to customary closing conditions for both StorageVault and the Vendors. One of the assets are located in the GTA and one in Surrey, BC. The Acquisitions will result in StorageVault owning 218 stores and owning and managing 249 stores across Canada.