Intercap Inc. Commences Offer for Outstanding Shares of ZipLocal Inc.


TORONTO, ONTARIO–(Marketwired – May 19, 2017) – Intercap Inc. (“Intercap”) and ZipLocal Inc. (NEX:ZIP.H) (“ZipLocal”) are pleased to jointly announce that Intercap has formally commenced an offer (the “Offer”) to the shareholders of ZipLocal to acquire all of the issued and outstanding common shares of ZipLocal (the “ZipLocal Shares”) in exchange for (i) cash equal to $0.0035 for each ZipLocal Share (the “Cash Consideration”), or (ii) one non-voting redeemable (on a non-pro rata basis) preferred share of Intercap (an “Intercap Preferred Share”) for each ZipLocal Share (the “Share Consideration” and, together with the Cash Consideration, the “Offer Consideration”), all of which Intercap Preferred Shares, if issued, will be redeemed at a redemption price equal to the Cash Consideration concurrently with, or immediately following, the closing of the Offer. In the event a ZipLocal Shareholder does not specify the form of Offer Consideration which such ZipLocal Shareholder wishes to receive, such ZipLocal Shareholder will be deemed to have elected to receive Cash Consideration.