/NOT FOR DISTRIBUTION TO UNITED STATES OF AMERICA WIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES OF
AMERICA/
TORONTO, Nov. 21,
2022 /CNW/ - Intercap Equity Inc. ("Intercap")
has acquired 4,814,100 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.
On November 18, 2022, Intercap
acquired 4,814,100 common shares of E INC. at a price of
C$4.23 per common share, for total
consideration of C$20,363,643.
Intercap acquired the common shares on a private placement basis
pursuant to the rules of National Instrument 45-106 – Prospectus
Exemptions.
Prior to the acquisition, Intercap, together with its joint
actors, beneficially owned, controlled or directed an aggregate of
33,338,618 common shares, 1,021,240 share purchase warrants and
36,544 deferred share units, representing approximately 69.3% of
the outstanding common shares of E INC. on a non-diluted basis and
approximately 69.9% 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
38,152,718 common shares, 1,021,240 share purchase warrants and
36,544 deferred share units, representing approximately 72.0% of
the outstanding common shares of E INC. on a non-diluted basis and
approximately 72.6% on a partially diluted basis, assuming
Intercap's exercise of its warrants and vesting and settlement in
common shares of Jason Chapnik's
deferred share units.
Intercap's equity interests 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.