Elissa Resources Ltd.
TSX VENTURE : ELI
OTCQX : ELSRF
FRANKFURT : E3O

Elissa Resources Ltd.

April 16, 2015 08:00 ET

Elissa Completes Consolidation of Its Shares; to Close CDN $750,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 16, 2015) - Elissa Resources Ltd. (TSX VENTURE:ELI)(OTCQX:ELSRF)(FRANKFURT:E3O) (the "Company" or "Elissa") is pleased to report that on April 14, 2015, Elissa's Shareholders approved the previously announced consolidation of the Company's common shares on a three for one basis (the "Consolidation"), which was completed today. Of all shares voted in person or by proxy, 98% were in favour of the Consolidation.

The Company also announces that it will complete its previously announced, non-brokered private placement for aggregate proceeds of $750,000 (the "Placement") today.

Taking into account both the Consolidation and the closing of the Placement, Elissa will have 25,768,505 shares issued and outstanding.

Paul McKenzie, President and CEO of Elissa, stated today that:

"We thank Elissa's shareholders for their strong support of both the restructuring and our plans going forward. We believe that Elissa is now on strong footing to proceed with its ambitious growth strategies and its partnership with Spectrum Optix."

The Company received approval of the TSX Venture Exchange for the Consolidation on April 15, 2015. Effective at the opening of trading on April 16, 2015, the Company's shares will commence trading on a consolidated basis. The Company's name will not change and its shares will continue to trade under the symbol ELI.V.

Completion of the Placement was contingent on shareholder approval of the Consolidation of their Company's shares. The Placement will close today and consists of 15,000,000 post-Consolidation units (the "Units") at a price of $0.05 per Unit for gross proceeds of $750,000. Each Unit is comprised of one post-Consolidation common share and one share purchase warrant (each a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.10 until April 16, 2017. The securities issuable in the Placement will be subject to a four month hold period ending on August 17, 2015. Finder's fees are payable in connection with portions of the Offering in accordance with the policies of the TSX Venture Exchange.

The gross proceeds of the Placement will be used for working capital purposes, maintenance of Elissa's Thor Rare Earth Property in Nevada, USA and to continue funding the initial stages of Elissa's binding letter of intent with Spectrum Optix.

A letter of transmittal will be mailed to all shareholders pursuant to which they may receive certificates representing their post-Consolidation shares. Until surrendered, existing share certificates are deemed, for all purposes, to represent the number of post-Consolidation shares to which the holder is entitled.

Further details on the Placement including details on a forced exercise provision ascribed to the Warrant holders can be found in the Company's February 19 and March 12, 2015 news releases. For further information regarding the Consolidation please refer to the Company's Management Information Circular dated March 10, 2015, which has been filed under the Company's SEDAR profile at www.sedar.com.

About Elissa

As announced on November 18 and December 3, 2014, pursuant to a binding letter of intent, Elissa has the option to acquire 100% of Spectrum Optix. The Company also holds a 100% interest in the Thor Rare Earth Project, Nevada.

Spectrum Optix has assembled a team of industry experts for the pursuit of advancing its novel technologies relating to imagery and light concentration applications. These technologies aim to disrupt lens and image capture-based systems, which may include cameras, smart phones, and telescopes, by creating a compact lens system that reduces the depth currently required in traditional lens technologies. Additionally, Spectrum Optix believes its core technology can be scaled to large industrial sizes, potentially enabling improvements to the solar and greenhouse sectors.

Elissa's Thor Rare Earth Project in Nevada, USA is distinct in that it is located within 26 km (16 miles) of North America's largest rare earth mine with modern, environmentally sound rare earth processing facilities. The Thor Project is also unique in that, unlike its neighbouring mine, it has an unusually high percentage of the critical, heavy rare earth elements which are significantly more valuable than the typically much more abundant light rare earth elements. The Project, discovered by Elissa geologists and personnel, has been extensively mapped and sampled at surface, examined by multiple detailed ground and airborne geophysical surveys, and tentatively tested with a successful 21-hole, 2210 m (7251 ft), drill hole program. Rare earth elements are essential to virtually all modern technologies including computers and cell phones, as well as for many environmentally friendly energy sources such as wind generators and electric or hybrid vehicles. Further details on the Thor Project can be found on Elissa's website.

On behalf of the Board of Directors of Elissa Resources Ltd.

Paul McKenzie, President & CEO

Disclaimer:

This press release contains certain forward-looking statements that reflect the current views and/or expectations of the Company with respect to: expectations concerning completion of the transactions contemplated under the LOI, the potential applications of Spectrum's technologies and the timing and expenditures required to develop such technologies. The reader is cautioned that forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors which are difficult to predict and that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company and Spectrum operate and are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including, among others, that: the Company may not have access to financing on acceptable terms or at all in order to exercise the options under the LOI; the parties may not receive all necessary regulatory approvals; the funding contemplated by the LOI may not be sufficient to substantially develop Spectrum's technologies; the conditions to the options may not be otherwise satisfied; the parties may not be able to agree on the terms of the formal agreement or other necessary documentation; and other risks inherent with transactions of this type or the business of Spectrum. Such forward-looking statements should therefore be construed in light of such factors. Other than in accordance with its legal or regulatory obligations, the Company is not under any obligation and the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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