MONTREAL, Nov. 12, 2019 (GLOBE NEWSWIRE) -- Elixxer Ltd. (TSX-V: ELXR; OTCQB: ELIXF) ("Elixxer" or the "Corporation") is pleased to announce that a strategic investor will invest CAD$2,800,000.00 into Elixxer pursuant to a non-brokered private placement of 35,000,000 units of the Corporation at a price of $0.08 per unit. Each unit will consist of one common share of the Corporation and one common share purchase warrant. Each warrant will be exercisable to purchase an additional common share of the Corporation at an exercise price of $0.10 per share for a period of three years from the date of issuance.
Proceeds of the raise will be used for general working capital purposes. Closing of this financing is subject to certain conditions, including the approval of the TSX Venture Exchange. Elixxer Management and Executive team have decided that the company will focus its resources on pharmaceutical businesses within its portfolio of companies and advance their operational expansion plans throughout the EU. By focusing on pharmaceutical operations, it was decided by the executive team to release team members that will not be involved with this evolution within the company. With that, the company would like to thank its COO, Remy di Meglio, for his service to Elixxer and wish him well with his new endeavors.
Mazen Haddad, CEO, states “with the entire cannabis sector under significant scrutiny, throughout 2019 we have developed many strong partnerships who appreciate the future value of Elixxer’s European pharmaceutical medical cannabis operations.”
About Elixxer Ltd. (www.Elixxer.com)
ELXR Ltd. is a Canadian incorporated public company listed on the TSX Venture Exchange (TSXV: ELXR) and the US OTC-QB exchange (OTCQB: ELXIF).
Through its partners ELXR presently will has significant interests in Australia, Jamaica, Switzerland, Italy and Canada.
For further information please contact:
President, John McMullen, +1-416-803-0698, john@elixxer.com
Chief Financial Officer, Mark Shinners, +44 (0) 7827960971, mark@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.