Elixxer Ltd. V.QBA

ELXR LTD CLOSES $4 MLNS SECURED LOAN

[Humanist]

Elixxer Ltd. Closes $4 Million Secured Loan
Wed October 7, 2020 5:39 PM|GlobeNewswire|About: ELIXF
MONTRAL, Oct. 07, 2020 (GLOBE NEWSWIRE) -- Elixxer Ltd. (ELIXF) (TSX-V: ELXR) (OTC-QB: ELIXF) (FRA: 2LQA) (“Elixxer” or the “Company”) is pleased to announce that it has closed its previously announced secured loan for the principal amount of CAD$4,000,000 (the “Loan”) with AIP Convertible Private Debt Fund L.P. (the “Lender”). The Loan has a term of 24 months, bears interest at the rate of 17% per annum and is secured by a general security agreement on all of the present and future assets of the Company.

On closing, the Company paid to the Lender
(i) a facility fee of CAD$200,000;
(ii) a closing fee of CAD$250,000; and
(iii) a due diligence fee of CAD$75,000, in respect of the Loan.

The Company also issued to the Lender a bonus consisting of 46,333,333 common shares of the Company (the “Bonus Shares”) at a deemed issue price of CAD$0.015 per share, representing 20% of the net amount of the Loan. The Bonus Shares are subject to a hold period of four months and one day from the date of their issuance.
Elixxer intends to use the proceeds of the Loan for working capital purposes and to pursue future investments.
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: [e-mail] 
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