Willow Biosciences (TSX: WLLW) this morning provided an update on its acceleration of outstanding common share purchase warrants. The company has seen a total of 9.3 million shares issued in connection with the acceleration event.
The acceleration managed to bring in total proceeds of $7.9 million for the company, further strengthening the firms balance sheet. The company now has a cash balance of $48.4 million as of today following the completion of the acceleration as well as the recently conducted financing.
Commenting on the bolstered cash position, CEO Trevor Peters stated, “As we enter 2021, we will use the proceeds from the Acceleration alongside the $28.75 million we raised from our recent bought-deal financing to accelerate capital spending towards execution of our commercialization plan for our existing portfolio cannabinoids, and continue to explore opportunities for cannabinoids in development.“
Willow Biosciences last traded at $1.50 on the TSX.
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