NetworkNewsBreaks – Willow Biosciences Inc. (TSX
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Posted On: 02/19/2021 2:46:39 PM
NetworkNewsBreaks – Willow Biosciences Inc. (TSX: WLLW) (OTCQX: CANSF) Secures $28.75M in Bought Deal Offering
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.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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