/NOT FOR DISTRIBUTION TO UNITED STATES OF AMERICA WIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES OF
AMERICA/
TORONTO, April 1,
2022 /CNW/ - Intercap Equity Inc. ("Intercap")
and its joint actors have exercised 1,065,445 options on existing
common shares in E Automotive Inc. d/b/a E Inc. ("E INC")
(TSX: EINC) held by certain shareholders of E INC. 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 March 31, 2022, Intercap
exercised options to acquire 1,065,445 common shares in E INC. from
certain of E INC.'s shareholders pursuant to option agreements
previously entered into with such shareholders. The 1,065,445
options were exercised at a price of C$6.50 per share for total consideration of
C$6,925,392.50.
Prior to the option exercise, Intercap, together with its joint
actors, beneficially owned, controlled or directed an aggregate of
29,928,556 common shares, 1,021,240 share purchase warrants, 4,907
deferred share units and the 1,065,445 options to acquire common
shares from other E INC. shareholders, representing approximately
62.2% 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 options and
vesting of Jason Chapnik's deferred
share units.
Following the option exercise, Intercap, together with its joint
actors, beneficially owns, controls or directs an aggregate of
30,994,001 common shares, 1,021,240 share purchase warrants and
4,907 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.
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.
In addition, on March 25, 2022,
Intercap purchased an additional 276,000 common shares in the
public market for consideration of $3,568,000. Since E INC.'s IPO, Intercap
has purchased a total of 640,126 common shares of E INC. in the
open market.
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.