Early Warning Report Issued Pursuant to National Instrument 62-103 - Intercap Acquires Shares of E Automotive Inc. (TSX: EINC)

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

TORONTO, June 24, 2022 /CNW/ - Intercap Equity Inc. ("Intercap") announced today that it has acquired (the "Acquisition") 1,216,300 common shares (the "Purchased Shares") of E Automotive Inc. d/b/a 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.

The Purchased Shares were acquired by Intercap at a price of $4.50 per Purchased Share for an aggregate purchase price of $5,473,350.

Prior to the Acquisition, Intercap, together with its joint actors, beneficially owned, controlled or directed 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 and settlement in common shares of Jason Chapnik's deferred share units.

Following the Acquisition, Intercap, together with its joint actors, beneficially owns, controls or directs an aggregate of 33,338,618 common shares, 1,021,240 share purchase warrants and 6,644 deferred share units, representing approximately 69.3% of the outstanding common shares of E INC. on a non-diluted basis and approximately 70.0% 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.

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.

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