Late last night, Willow Biosciences (TSX: WLLW) announced the upsizing of its bought deal financing following strong demand. The company has seen its financing grow from $20.0 million to that of $25.0 million in gross proceeds that will be raised.
The financing, lead by Eight Capital and BMO Capital Markets, will see a total of 15.2 million shares of the company sold at a price of $1.65 per each, raising gross proceeds of $25.0 million. No warrants are included in the offering, while a 15% over-allotment option has also been granted in connection with the financing.
Proceeds from the financing are to be used for helping access new markets for the firms cannabinoid portfolio, accessing additional manufacturing capacity, expediting the commercialization of new cannabinoids, and working capital and general corporate purposes.
Willow Biosciences last traded at $1.91 on the TSX.
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