Elixxer Ltd. Provides Update on Proposed Private Placement

MONTRÉAL, Oct. 08, 2020 (GLOBE NEWSWIRE) -- Elixxer Ltd. (TSX-V: ELXR) (OTC-QB: ELIXF) (FRA: 2LQA) ("Elixxer” or (the "Company) is providing an update to its proposed private placement previously announced on August 28, 2020.

The non-brokered private placement will be in the amount of CAD$400,000 for 26,666,666 units of the Company (the "Units”) at a price of CAD$0.015 per Unit. Each Unit will consist of one common share of the Company and one common share purchase warrant. Each warrant will be exercisable for a period of 60 months from the date of issuance at an exercise price of CAD$0.05 each.

No commission or finder’s fee will be paid in connection with the private placement. The Units will be issued pursuant to an exemption from the prospectus requirements of applicable securities legislation, and all securities will be subject to a hold period of four months and one day from the date of issuance.

The proceeds of the private placement will be used by the Company for general working capital purposes and to pursue future investments. It is anticipated that no payments from the proceeds will be made to related parties of the Company, and the proceeds will not primarily be used to pay management fees for investor relations activities. Closing of the private placement is subject to approval of the TSX-V and to customary closing conditions.

About Elixxer Ltd. (www.Elixxer.com)

Elixxer is a Canadian public company listed on the TSX Venture Exchange (TSX-V: ELXR) and the US OTC-QB exchange (OTCQB: ELIXF).

Through its partners, Elixxer presently has significant interests in Australia, Jamaica, Switzerland, Italy and Canada.

For further information please contact: 

Mazen Haddad, CEO: mazen@elixxer.com

Caution Regarding Press Releases

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Notice Regarding Forward Looking Statements

This press release may contain forward-looking statements with respect to Elixxer and its operations, strategy, investments, financial performance and condition. These statements can generally be identified by use of forward-looking words such as "may”, "will”, "expect”, "estimate”, "anticipate”, "intends”, "believe” or "continue” or the negative thereof or similar variations. The actual results and performance of Elixxer could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, government regulation and the factors described under "Risk Factors and Risk Management” in Elixxer’s most recent Management’s Discussion and Analysis filed on SEDAR (www.sedar.com). The cautionary statements qualify all forward-looking statements attributable to Elixxer and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release, and Elixxer has no obligation to update such statements, except to the extent required by applicable securities laws.