WILLOW BIOSCIENCES ANNOUNCES CLOSING OF PRIVATE PLACEMENT OF UNITS
/NOT FOR DISTRIBUTION TO
Willow intends to use the proceeds of the Offering to support the Company's enzyme engineering of existing pipeline of products, including the funding of products relating to the Company's recently announced strategic partnership with Laurus Labs to develop new biobased routes for seven active pharmaceutical ingredients, strain engineering of existing pipeline of products, working capital requirements and general corporate purposes, as described in the offering document relating to the Offering that can be accessed under the Company's profile at www.sedarplus.ca and on the Company's website at www.willowbio.com.
"We appreciate ITG's efforts and are delighted with the outcome that includes further investment from our strategic food ingredient partner,
Each Unit issued under the Offering consists of one (1) common share in the capital of the Company (each, a "Common Share") and one-half (1/2) of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one (1) Common Share at an exercise price of
In connection with the Offering, the Agent received a cash commission of
The Offering remains subject to the final approval of the TSX.
The Units were sold to purchasers pursuant to the listed issuer financing exemption (the "LIFE Exemption") under Part 5A of National Instrument 45-106 – Prospectus Exemptions ("NI 45-106"), and therefore are not subject to resale restrictions pursuant to applicable Canadian securities laws. For further information regarding the Offering, please see the Company's news release dated
Certain insiders of the Company participated in the Offering on the same terms and conditions as non-arm's length subscribers, subscribing for a total of 1,500,000 Units for aggregate proceeds of
About
Willow develops and produces precision fermented functional ingredients for the health and wellness, food and beverage and personal care markets. Willow's FutureGrown™ and BioOxi™ platforms enable large-scale production with sustainability at its core. Willow's R&D team has a proven track record of developing and commercializing bio-based manufacturing processes and products to benefit our B2B partners and their customers. For more information, visit www.willowbio.com.
FutureGrown™ and BioOxi™ are registered trademarks of
Forward-Looking Statements
This news release may include forward-looking statements including opinions, assumptions, estimates and the assessment of future plans and operations of Willow, and, more particularly, statements concerning: Willow's business strategies, expectations, planned operations and future actions; the use of proceeds from the Offering; the listing of the Common Shares issuable pursuant to the Offering; the exercise of the Warrants and Broker Warrants, as applicable; and the final acceptance of the TSX. When used in this news release, the words "will," "anticipate," "believe," "likely", "estimate," "expect," "intent," "may," "project," "outlook," "could," "would'" "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are based upon a number of estimates and assumptions made by Willow, including but not limited to: assumptions in respect of current and future market conditions; future operations of Willow; and successful implementation of Willow's commercialization and production strategy, generally. Forward-looking statements are subject to a wide range of risks and uncertainties, and although Willow believe that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements, including but not limited to: the success of Willow's research and development strategies; infringement on intellectual property; failure to benefit from partnerships; actions and initiatives of federal, state and provincial governments and changes to government policies and the execution and impact of these actions, initiatives and policies; competition from other industry participants; adverse
The forward-looking statements contained in this news release are made as of the date hereof and Willow does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
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