Early Warning Report Issued Pursuant to National Instrument 62-103 Intercap Acquires Shares of E Inc.

/NOT FOR DISTRIBUTION TO UNITED STATES OF AMERICA WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OF AMERICA/

TORONTO, Dec. 8, 2021 /CNW/ - 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") by Intercap Equity Inc. ("Intercap") and its joint actors in respect of the acquisition of common shares in E Automotive Inc. d/b/a E Inc. ("E Inc.") (TSX: EINC).

On December 7, 2021, Intercap purchased 261,600 common shares of E Inc. over the facilities of the Toronto Stock Exchange. The common shares were acquired at an average price of C$17.56 per common share, for total consideration of C$4,592,600.

Prior to the acquisition, Intercap, together with its joint actors, beneficially owned, controlled or directed an aggregate of 26,980,735 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 59.0% of the outstanding common shares of E Inc. on a non-diluted basis and approximately 63.9% 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 acquisition, Intercap, together with its joint actors, beneficially owns, controls or directs an aggregate of 27,242,335 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 59.6% of the outstanding common shares of E Inc. on a non-diluted basis and approximately 64.5% on a partially diluted basis, assuming Intercap's exercise of its warrants and options 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 366 Adelaide St West, Suite 701, Toronto, Ontario, M5V 1R7.

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 Intercap Equity Inc.

Intercap Equity Inc., James Merkur, President, Tel: [phone], Email: [email protected]