StorageVault Canada Inc. (TSX-V: SVI) has entered into an agreement with a syndicate of underwriters to sell, on a bought deal basis, 50,944,000 common shares at $2.65 per share for gross proceeds of $135 million.
The offering consists a treasury offering of 32,076,000 common shares fro $85 million and a secondary offering by SaskWorks Venture Fund Inc. and APEX II Investment Fund Limited Partnership, each of which are managed by PFM Capital Inc., of 18,868,000 common shares for $50 million.
The syndicate of underwriters is led by National Bank Financial Inc. and GMP Securities L.P., and includes Raymond James Ltd., Cormark Securities Inc., TD Securities Inc., BMO Nesbitt Burns, CIBC Capital Markets, Scotiabank, Canaccord Genuity Corp. and Industrial Alliance Securities Inc.
PFM Capital, StorageVault’s second largest shareholder behind Access Self Storage Inc., through SaskWorks Venture Fund and Apex II Investment Fund Limited Partnership currently controls 42,670,719 common shares (14.22% as of April 21, 2107)
Following the closing of the Offering, SaskWorks will continue to own 23,802,719 common shares along with warrants to purchase 2,177,998 common shares and Apex II will own no common shares but will retain warrants to purchase 322,002 common shares.
StorageVault Canada Inc. owns and operates storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia.