WILLOW BIOSCIENCES ANNOUNCES COMPLETION OF PREVIOUSLY ANNOUNCED CONVERTIBLE DEBENTURE FINANCING
Willow Biosciences Inc., a leading biotechnology company focused on revolutionizing industrial manufacturing of functional ingredients, has successfully completed its non-brokered private placement offering of convertible debenture units. The offering generated aggregate proceeds of C$800,000, with insiders, including members of the Board of Directors and senior management, contributing C$515,000.
Each debenture unit comprises a 12% unsecured convertible debenture with a principal amount of C$1,000 and 4,762 common share purchase warrants. The debentures have a maturity date of October 10, 2026, while the warrants allow holders to purchase one common share of the company at a price of C$0.105 until October 10, 2025. If the 20-day volume weighted average of the company’s shares exceeds C$0.15, the company has the option to accelerate the expiry date of the warrants.
The convertible debentures can be converted into shares at the holder’s discretion before the Maturity Date, with a conversion price of C$0.105 per share. Interest on the debentures will be payable semi-annually, starting from December 31, 2023, and can be settled in cash, shares, or a combination of both, at the company’s discretion.
The proceeds from the offering will be utilized for the commercialization and development of Willow’s pipeline of products, as well as for working capital and general corporate purposes. The completion of this financing round marks a significant milestone for Willow Biosciences as it continues to advance its precision fermented functional ingredients for the health and wellness, food and beverage, and personal care markets.
Willow Biosciences is known for its FutureGrownTM and BiOxi™ platforms, which enable large-scale production with a strong focus on sustainability. The company’s R&D team has a proven track record of developing and commercializing bio-based manufacturing processes and products, benefiting its B2B partners and their customers.
By successfully raising funds through this offering, Willow Biosciences demonstrates its ability to attract support from insiders who believe in the company’s vision and potential. The participation of directors and officers in the offering highlights their confidence in Willow’s future prospects.
With its commitment to sustainable and innovative solutions, Willow Biosciences is well-positioned to make a significant impact in the biotechnology industry. The completion of this financing round provides the company with the necessary resources to further advance its product pipeline and drive growth.
For more information about Willow Biosciences and its groundbreaking work in the biotechnology sector, please visit their website at www.willowbio.com.