WILLOW BIOSCIENCES ANNOUNCES COMPLETION OF PREVIOUSLY ANNOUNCED CONVERTIBLE DEBENTURE FINANCING
Summary
CALGARY, AB, Oct. 10, 2023 /PRNewswire/ - Willow Biosciences Inc. ("Willow" or the "Company") (TSX: WLLW) (OTCQB: CANSF), a leading biotechnology company focused on revolutionizing industrial manufacturing of pure, consistent and sustainable functional ingredients, is pleased to announce the completion of its previously announced offering of convertible debenture units of the Company (the "Debenture Units"), on a non-brokered private placement basis, for aggregate proceeds of C$800,000 (the "Offering"). If paid-in-kind through the issuance of Shares, the number of Shares issued shall be calculated based on the 5-day VWAP of the Shares immediately prior to the notice from the Company that it has elected to satisfy its interest obligations in Shares.The Company intends to use the proceeds from the Offering for the commercialization and development of the Companys pipeline of products, working capital and general corporate purposes.All securities issued under the Offering, including securities issuable on conversion or exercise thereof, are subject to a hold period in Canada of four months and one day in accordance with applicable securities legislation.As all directors and officers of the Company that participated in the Offering are insiders of the Company, their participation in the Offering was considered a "related party transaction" pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Willows FutureGrownTM and BiOxi platforms enable large-scale production with sustainability at its core. Willows 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. Please refer to the Companys most recent Annual Information Form and Managements Discussion and Analysis for risk factors relating to Willow, which can be accessed either on Willows website at www.willowbio.com or under the Companys profile on www.sedarplus.ca.The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law.