/NOT FOR DISTRIBUTION TO UNITED STATES OF AMERICA WIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES OF
AMERICA/
TORONTO, May 17, 2022
/CNW/ - Intercap Equity Inc. ("Intercap") and its joint
actors have purchased 1,125,000 common shares in E Automotive Inc.
d/b/a E INC. ("E INC.") (TSX: EINC). This press release is
being disseminated as required by National Instrument 62–103 –
The Early Warning System and Related Take Over Bids and Insider
Reporting Issuers in connection with the filing of an early
warning report (the "Early Warning Report").
On May 16, 2022, Intercap
purchased 1,125,000 common shares of E INC. The 1,125,000 common
shares were acquired at a price of C$8.00 per common share, for total consideration
of C$9,000,000. In acquiring the
common shares Intercap relied on the exemption from the take-over
bid rules contained in Section 4.1 – Take-Over Bids and Issuer
Bids.
Prior to the acquisition, Intercap, together with its joint
actors, beneficially owned, controlled or directed an aggregate of
30,997,318 common shares, 1,021,240 share purchase warrants and
6,644 deferred share units, representing approximately 64.5% of the
outstanding common shares of E INC. on a non-diluted basis and
approximately 65.2% on a partially diluted basis, assuming
Intercap's exercise of its warrants and vesting of Jason Chapnik's deferred share units.
Following the acquisition, Intercap, together with its joint
actors, beneficially owns, controls or directs an aggregate of
32,122,318 common shares, 1,021,240 share purchase warrants and
6,644 deferred share units, representing approximately 66.8% of the
outstanding common shares of E INC. on a non-diluted basis and
approximately 67.5% on a partially diluted basis, assuming
Intercap's exercise of its warrants and vesting of Jason Chapnik's deferred share units.
The equity interests of Intercap are beneficially owned,
controlled or directed, directly or indirectly, by Jason Chapnik, Chairman and Chief Executive
Officer of Intercap, and accordingly Jason
Chapnik is considered to be a joint actor. Intercap may,
depending on market or other conditions, increase or decrease its
beneficial ownership, control or direction over, or exercise its
current rights to acquire, common shares through market
transactions, private agreements or otherwise.
Intercap's head office is located at 261 Davenport Road, Suite
200, Toronto, Ontario, M5R 1K3. E
INC.'s head office is located at 10 Lower Spadina Avenue, Suite 400
and Suite 500, Toronto, Ontario,
M5V 2Z2.
An early warning report will be electronically filed by Intercap
with the applicable securities commission in each jurisdiction
where E INC. is reporting and will be available on SEDAR at
www.SEDAR.com.
SOURCE Intercap Equity Inc.
