CALGARY,
AB, Feb. 29, 2024 /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 a second strategic
investment (the "Milestone Investment"), by way of
non-brokered private placement, from Kalsec® Inc.
("Kalsec"), a leading global producer of natural taste and
sensory, food protection, colors and advanced hops ingredients for
the food and beverage industry, for the continued development of
natural food ingredients. This Milestone Investment is connected to
the Kalsec investment announced by the Company on February 20, 2024, pursuant to which Kalsec
committed to subscribe for an additional US$100,000.00 on the completion of an operational
milestone by Willow to develop a strain that meets certain
performance criteria (the "Milestone"). This Milestone was
achieved by the Company on February 23,
2024. Proceeds from the Milestone Investment will be used
for the commercialization and development of the Company's pipeline
of products, including natural food ingredients, working capital,
and general corporate purposes.
Pursuant to the Milestone Investment, the Company issued
1,153,131 units (each, a "Unit") at a subscription
price of C$0.12 per Unit, each
Unit consisting of one (1) common share in the capital of the
Company (each, a "Common Share") and one-half of one
(1/2) Common Share purchase warrant (each whole warrant, a
"Warrant"). Each Warrant entitles the holder thereof to
purchase one (1) Common Share at a price of C$0.16 per Common Share until March 1, 2025; provided that if, at any time
prior to the expiry date of the Warrants, the 20-day volume
weighted average of actual closing prices of the Common Shares on
the Toronto Stock Exchange (or other principal exchange on which
the Common Shares are listed, is greater than C$0.21, the Company may accelerate the expiry
date of the Warrants to the date that is 20 days following the date
of the notice of such acceleration.
All securities issued under the Milestone Investment, including
securities issuable on exercise thereof, are subject to a hold
period in Canada of four months
and one day in accordance with applicable securities
legislation.
About Willow Biosciences
Inc.
Willow develops and produces precision fermented functional
ingredients for the health and wellness, food and beverage and
personal care markets. Willow's FutureGrownTM 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 Willow
Biosciences Inc. All other trademarks are trademarks of their
respective holders.
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
Milestone Investment; and the listing of the Common Shares issuable
pursuant to the Milestone Investment and the exercise of the
Warrants. 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
U.S., Canadian and global economic conditions; adverse global
events and public-health crises; failure to comply with certain
regulations; departure of key management personnel or inability to
attract and retain talent; and other factors more fully described
from time to time in the reports and filings made by Willow with
securities regulatory authorities. Please refer to the Company's
most recent Annual Information Form and Management's Discussion and
Analysis for risk factors relating to Willow, which can be accessed
either on Willow's website at www.willowbio.com or under the
Company's SEDAR+ profile at www.sedarplus.ca.
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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SOURCE Willow Biosciences Inc.
