Uniserve signs lease for Vancouver data centre

Executive Summary

• Uniserve Communications Corp. has secured a strategic lease for a new 2MW data centre in Vancouver, B.C., marking a cornerstone of its national expansion strategy into high-density AI infrastructure.
• The transaction includes significant financial incentives from the landlord, totaling $2 million, which includes a lease inducement and a forgivable loan exchanged for equity warrants.
• The deal is classified as a related party transaction under Multilateral Instrument 61-101, as the landlord is an insider, but is exempt from formal valuation and minority shareholder approval requirements due to its value being less than 25% of the company's market capitalization.

Key Details

• Lease Terms: Uniserve is leasing 10,000 square feet of premium space at 369 Terminal Ave, Vancouver, B.C.
• Facility Capacity: The new facility will provide 2 megawatts of scalable, AI-ready power capacity.
• Landlord Incentives:
  • $1-million lease inducement to support capital buildout.
  • $1-million forgivable loan.
• Equity Component: The $1-million forgivable loan is consideration for one million warrants.
  • Warrant Terms: Convertible into one million common shares at an exercise price of 60 cents per share.
  • Term: One year.
• Strategic Context: The facility is designed to support next-generation AI workloads, high-density compute, and the digital economy. It serves as the anchor for Uniserve's national expansion, with additional projects under evaluation in other major Canadian markets.
• Regulatory Status: The transaction is a related party transaction (landlord is an insider). It is exempt from MI 61-101 Section 5.4 (formal valuation) and Section 5.6 (minority shareholder approval) because the fair market value is not more than 25% of the company's market capitalization.

Notable Quotes

• "This lease represents a transformational step for Uniserve. It allows us to immediately advance construction of a flagship facility that will support both conventional enterprise workloads and the explosive demand for AI compute. With two megawatts of initial capacity, this site positions Uniserve as a critical player in the next wave of Canadian AI infrastructure." — Kwin Grauer, Interim Chief Executive Officer