MONTRAL, 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.
https://stockhouse.com/news/press-releases/2020/10/08/elixxer-ltd-provides-update-on-proposed-private-placement