StorageVault Announces Normal Course Issuer Bids for Common Shares and Debentures

TORONTO, March 19, 2024 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“StorageVault” or the “Corporation”) (SVI-TSX) is pleased to announce that it has received conditional acceptance from the Toronto Stock Exchange (the “TSX”) to conduct a Normal Course Issuer Bid (“NCIB”) to purchase for cancellation, during the 12-month period starting March 21, 2024: (i) up to ‎18,727,451 of the outstanding common shares of the Corporation (the “Common Shares”), representing 5% of the ‎‎374,549,038‎‎ Common Shares outstanding (as of March 18, 2024); (ii) outstanding 5.75% senior unsecured hybrid debentures of the Corporation issued in July 2020 and due on January 31, 2026 (“2020 Debentures”) in the aggregate principal amount of $3,750,000, representing 5% of the currently outstanding $75,000,000 aggregate principal amount of 2020 Debentures (as of March 18, 2024); (iii) outstanding 5.50% senior unsecured hybrid debentures of the Corporation issued in July 2021 and due on September 30, 2026 (“2021 Debentures”) in the aggregate principal amount of $‎2,873,750‎, representing 5% of the currently outstanding $57,475,000 aggregate principal amount of 2021 Debentures (as of March 18, 2024); and (iv) outstanding 5.00% convertible senior unsecured debentures of the Corporation issued in January 2023 and due on March 31, 2028 (“2023 Debentures” and collectively, with the 2020 Debentures and 2021 Debentures, the “Debentures”) in the aggregate principal amount of $7,491,850, representing 5% of the currently outstanding $‎149,837,000‎ aggregate principal amount of 2023 Debentures (as of March 18, 2024). Each NCIB will end on March 20, 2025, unless the maximum amount of Common Shares or Debentures, as applicable, is purchased before then or StorageVault provides earlier notice of termination. StorageVault will not acquire through the facilities of the TSX more than 77,686 Common Shares, $5,423 aggregate principal amount of 2020 Debentures, $8,372 aggregate principal amount of 2021 Debentures or $51,352 aggregate principal amount 2023 Debentures, during a trading day, being 25% of the average daily trading volume of the Common Shares (310,747), 2020 Debentures ($21,692), 2021 Debentures ($33,491) and 2023 Debentures ($205,411), respectively, on the TSX from September 1, 2023 until February 29, 2024, subject to certain prescribed exceptions. The stock symbol on the TSX for the Common Shares, 2020 Debentures, 2021 Debentures and 2023 Debentures is SVI, SVI.DB, SVI.DB.B and SVI.DB.C, respectively.