StorageVault Announces Normal Course Issuer Bids for Common Shares and Debentures

Key Takeaways:

• TSX has granted conditional acceptance for the NCIB
• The plan includes repurchasing up to 5% of outstanding shares and certain debentures
• The buyback program extends from March 23, 2026, to March 22, 2027
• Daily acquisitions are limited to 25% of average trading volume
• National Bank Financial Inc. will serve as StorageVault’s agent

Conditional Acceptance from TSX

StorageVault Canada Inc. (SVI-TSX) recently announced it has received conditional approval from the Toronto Stock Exchange (TSX) to commence a Normal Course Issuer Bid (NCIB). This acceptance sets the stage for the company to buy back a portion of its securities over the course of a year.

Scope and Details of the NCIB

Under the terms of the NCIB, StorageVault can purchase:
• Up to 18,265,484 of its outstanding common shares, representing 5% of the 365,309,695 shares in circulation as of March 9, 2026.
• An aggregate principal amount of up to $2,873,750 of 5.50% senior unsecured hybrid debentures issued in July 2021 (due September 30, 2026).
• An aggregate principal amount of up to $7,491,850 of 5.00% convertible senior unsecured debentures issued in January 2023 (due March 31, 2028).
• An aggregate principal amount of up to $2,875,000 of 5.60% senior unsecured hybrid debentures issued in November 2025 (due December 31, 2030).

Each of these figures represents approximately 5% of the respective outstanding totals when measured in March 2025 or 2026, as applicable.

Purchase Volume Restrictions

The TSX approval also imposes daily purchase limits. According to the company, it will not acquire more than 25% of the average daily trading volume of each security during a trading day, except under specific conditions. For instance, StorageVault cannot exceed 65,861 common shares and similarly limited amounts of its various debenture series in a single day.

Role of the Agent

To execute these transactions, StorageVault has enlisted National Bank Financial Inc. as its agent for the NCIB. This partnership ensures that all purchases, whether made on the TSX or alternative trading systems, adhere to the exchange’s regulations and pricing rules.

Timeline and Next Steps

The NCIB commences on March 23, 2026, and will continue until March 22, 2027, or until the maximum authorized purchase limits are reached—whichever comes first. The company also retains the discretion to end the NCIB earlier by providing notice of termination. While StorageVault has indicated it is “pleased” with the TSX’s conditional acceptance, the ultimate impact on the company’s capital structure and market performance will depend on how much of the authorized buyback is actually executed.