Elixxer announces $2,800,000 funding by Strategic Investor
13 November 2019 - 3:33AM
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.
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