SVI Storagevault Canada Inc

StorageVault Canada Inc. (TSX VENTURE:SVI) ("StorageVault") is pleased to
announce that it intends to raise a maximum of $500,000 by way of issuance of
convertible unsecured subordinated debentures (the "Debentures"). The issue
price is $5000 per Debenture with a minimum subscription per subscriber of
$10,000. The Debentures will have a five-year term and bear an interest rate of
9.5% payable quarterly in arrears. The Debentures will be convertible at the
holder's option into common shares of StorageVault at any time prior to maturity
or redemption of the Debentures at a conversion price of $0.32 per share.
Holders converting their Debentures will receive accrued and unpaid interest
thereon to the date of conversion. The Debentures will be redeemable at the
option of StorageVault at any time after the second anniversary of the issuance
of the Debentures upon 14 days prior written notice during which period the
Debenture holder shall have the option to convert the Debenture. The Debentures
will have priority over all Preferred and Common Shares in the event of
liquidation, dissolution or winding-up of StorageVault or its assets. The
Debentures will be subordinate to all senior bank debt of StorageVault. It is
not anticipated that any new insiders will be created, nor that any change of
control will occur, as a result of this Debenture financing. Completion of the
financing is subject to regulatory approval. 


Proceeds of this financing will be used to establish a PUPS portable storage
operation in the City of Saskatoon and for general working capital. The PUPS
business will be operated from a leased location in Saskatoon until such time as
an appropriate fixed unit storage facility is acquired, at which time both
operations will then be merged.


StorageVault Canada Inc. 

StorageVault currently owns and operates Trans Can Mini-Stor in Regina and
Kenaston Self Storage in Winnipeg. Both facilities are fixed unit storage
facilities operating in conjunction with high margin Canadian PUPS portable
storage franchises at each location. The common shares of StorageVault are
listed on the TSX Venture Exchange.


Forward-Looking Information: This news release may contain certain
forward-looking information. All statements included herein, other than
statements of historical fact, is forward-looking information and such
information involves various risks and uncertainties. There can be no assurance
that such information will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such information. A
description of assumptions used to develop such forward-looking information and
a description of risk factors that may cause actual results to differ materially
from forward-looking information can be found in StorageVault's disclosure
documents on the SEDAR website at www.sedar.com. StorageVault does not undertake
to update any forward-looking information except in accordance with applicable
securities laws.

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