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VANCOUVER, British Columbia, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Willow Biosciences Inc. (" Willow " or the " Company ") (TSX: WLLW; WLLW.WT; OTCQX: CANSF) is pleased to announce that in connection with its previously announced bought deal offering, Willow and the syndicate of underwriters co-led by Eight Capital and BMO Capital Markets (collectively, the " Underwriters "), have agreed to increase the size of the bought deal offering. Willow will now issue 15,152,000 common shares of the Company (the “ Common Shares ”) at a price of $1.65 per Common Share (the “ Offering Price ”) for gross proceeds of approximately $25.0 million (the “ Offering ”).
The Company has also granted the Underwriters an over-allotment option exercisable in whole or in part for a period of 30 days following the closing of the Offering to purchase an additional 15% of the Common Shares issued under the Offering at the Offering Price.
Net proceeds from the Offering are expected to be used to help access new markets for the Company's cannabinoid portfolio, expedite the commercialization of new cannabinoids, access additional manufacturing capacity, working capital and general corporate purposes.
The Common Shares will be offered in each of the provinces of Canada, other than Qubec, pursuant to the Company's base shelf prospectus dated October 13, 2020 (the " Shelf Prospectus "). The terms of the Offering will be described in a prospectus supplement (the " Supplement ") to be filed with the securities regulators in each of the provinces of Canada, except Qubec. The closing of the Offering will be subject to certain customary conditions, including receipt of all necessary approvals including the approval of the Toronto Stock Exchange.
Copies of the Supplement, following filing thereof, and the accompanying Shelf Prospectus may be obtained on SEDAR at www.sedar.com and from Eight Capital, 100 Adelaide St W Suite 2900, Toronto, ON, M5H 1S3. The Shelf Prospectus contains, and the Supplement will contain, important detailed information about the Company and the Offering. Prospective investors should read the Supplement and accompanying Shelf Prospectus and the other documents the Company has filed on SEDAR at www.sedar.com before making an investment decision.
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 further information, please visit our website at www.willowbio.com or contact:
Trevor Peters
President and Chief Executive Officer
T: (403) 669-4848
E: t.peters@willowbio.com | Troy Talkkari, CFA
Vice President, Corporate Development
T: (403) 618-1117
E: t.talkkari@willowbio.com | 150, 2250 Boundary Road Burnaby, BC V5M 3Z3 |
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