MONTRÉAL, Aug. 22, 2019 (GLOBE NEWSWIRE) -- Elixxer Ltd. (TSX-V: ELXR / OTCQB: LGGCF) ("Elixxer" or the "Company") announces that it has entered into an agreement to settle an aggregate amount of CAD$60,000 for services rendered to the Company by an arm's length service provider through the issuance of common shares of Elixxer (the "Debt Settlement"). Pursuant to the Debt Settlement, Elixxer would issue a total of 600,000 common shares at a deemed issue price of CAD$0.10 per share. The Debt Settlement is being undertaken by the Company in order to preserve cash for its operations.
Completion of the Debt Settlement is subject to acceptance by the TSX Venture Exchange, and any shares issued pursuant to the Debt Settlement will be subject to a four-month hold period commencing on the date of issuance.
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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.