Elixxer Announces Intention to Consolidate its Common Shares

Montreal, Quebec--(Newsfile Corp. - August 24, 2021) - Elixxer Ltd. (TSXV: ELXR) (OTCQB: ELIXF) ("Elixxer" or the "Company) is pleased to announce its intention to consolidate all of its issued and outstanding common shares (the "Consolidation") on the basis of one new common share (each, a "New Share") for every 100 existing common shares (each, an Existing Share").

The Consolidation was previously approved by the Company's shareholders at the annual and special meeting held on June 15, 2021.

The intended Consolidation would result in the number of issued and outstanding common shares being reduced from 1,121,016,031 Existing Shares to approximately 11,210,160 New Shares. The exercise or conversion price of, and the number of common shares issuable under, any convertible securities of the Company will also be proportionately adjusted upon the completion of the Consolidation.

No fractional shares will be issued as a result of the Consolidation. All fractions of New Shares will be rounded down to the next lowest whole number if the first decimal place is less than five and rounded up to the next highest whole number if the first decimal place is five or greater. No cash consideration will be paid in respect of fractional shares.

The Company's board of directors believes that the Consolidation will provide the Company with greater flexibility for the continued development of its business and the growth of the Company, including financing arrangements and future acquisitions.

The Consolidation is subject to the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange, the provisions of the Canada Business Corporations Act and the articles of the Company. The Company will be obtaining a new set of CUSIP and ISIN numbers for the Consolidation. The effective date for the Consolidation and the new CUSIP and ISIN numbers will be disclosed in a subsequent press release. The Company anticipates that its current name and trading symbol will remain unchanged. The board of directors may, at its discretion, determine to amend the terms of the Consolidation or to not move forward with the Consolidation.

About Elixxer Ltd. (www.Elixxer.com)

Elixxer is a Canadian public company listed on the TSX Venture Exchange (TSXV: ELXR) and the US OTCQB exchange (OTCQB: ELIXF).

Through its partners, Elixxer presently has significant interests in Australia, Jamaica, Switzerland, Italy and Canada.

For further information please contact:

Ferras Zalt, Chairman and Interim CEO: +44 20 7409 6680; [email protected]

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/94203