Willow Biosciences (TSX: WLLW) (OTCQX: CANSF) has closed its previously announced upsized bought deal offering of 17,424,800 common shares of the company, each at a price of $1.65, including 2,272,800 common shares issued per the full exercise of the over-allotment option. Willow Biosciences secured aggregate gross proceeds of approximately $28.75 million in the offering, which was comprised primarily of existing cornerstone shareholders and new institutional buyside funds. “We’re very pleased with the results of the offering, the proceeds of which will allow the company to accelerate capital spending towards execution of our commercialization plan for our existing portfolio cannabinoids and continue to explore opportunities for cannabinoids in development,” said Trevor Peters, president and CEO of Willow. “This financing saw significant interest from institutional money managers, which is a key step in the evolution of the company. Additionally, the strong cash position of Willow allows us as an organization to have significantly more negotiating leverage with potential business development opportunities. With commercialization of our first cannabinoid expected to occur in Q1 2021, marking the final step in our transition to becoming a revenue generating company, we are in a very strong position to generate value for Willow stakeholders.”
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About Willow Biosciences Inc.
Willow is a Canadian biotechnology company based in Vancouver, British Columbia that produces high-purity, plant-derived compounds that provide building blocks for the global pharmaceutical, health and wellness, and consumer packaged goods industries. Willow’s current focus is in the production of cannabinoids for the treatment for pain, anxiety, obesity, brain disorders, among other significant indications. Willow’s science team has a proven track record of developing manufacturing technologies for high-purity compounds in pain and cancer treatments. Willow’s manufacturing process creates a consistent, scalable and sustainable product that allows for the discovery and development of new life-changing drugs. For more information, visit the company’s website at www.WillowBio.com.
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