/NOT FOR DISTRIBUTION TO UNITED STATES OF AMERICA WIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES OF
AMERICA/
TORONTO, Dec. 23, 2021 /CNW/ - Intercap Equity Inc.
("Intercap") and its joint actors have acquired common
shares in E Automotive Inc. d/b/a E Inc. ("E Inc.")
(TSX: EINC) and exercised warrants. 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 December 22, 2021, Intercap
purchased 18,826 common shares of E Inc. over the facilities of the
Toronto Stock Exchange and exercised 2,307,695 warrants. The 18,826
common shares were acquired at a price of C$16.9988 per common share, for total
consideration of C$320,019.41. The
2,307,695 warrants were exercised for a price of C$6.50 for total consideration of C$15,000,017.50.
Prior to the acquisition and warrant exercise, Intercap,
together with its joint actors, beneficially owned, controlled or
directed an aggregate of 27,326,035 common shares, 3,328,935 share
purchase warrants, 3,593 deferred share units and 1,065,445 options
to acquire common shares from other E Inc. shareholders,
representing approximately 59.7% of the outstanding common shares
of E Inc. on a non-diluted basis and approximately 64.6% on a
partially diluted basis, assuming Intercap's exercise of its
remaining warrants and options and vesting of Jason Chapnik's deferred share
units.
Following the acquisition and warrant exercise, Intercap,
together with its joint actors, beneficially owns, controls or
directs an aggregate of 29,652,556 common shares, 1,021,240 share
purchase warrants, 3,593 deferred share units and 1,065,445 options
to acquire common shares from other E Inc. shareholders,
representing approximately 61.7% of the outstanding common shares
of E Inc. on a non-diluted basis and approximately 64.7% on a
partially diluted basis, assuming Intercap's exercise of its
warrants and options and vesting of Jason
Chapnik's deferred share units.
Since completion of E Inc.'s IPO, Intercap has purchased a total
of 364,126 common shares of E Inc. in the open
market.
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.
The TSX does not accept responsibility for the adequacy or
accuracy of this release.
SOURCE E Automotive Inc.