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Willow Biosciences To Raise $20.0 Million In Bought Deal Financing

Willow Biosciences (TSX: WLLW) this evening announced that it will be conducting a bought deal financing. Lead by Eight Capital and BMO Capital Markets, the company will look to raise gross proceeds of $20.0 million.

A total of 12.1 million common shares are to be offered under the financing, with no warrant attached to the offering. Shares will be sold at a price of $1.65 per each, for total gross proceeds of $20.0 million. A 15% over-allotment option has also been granted in connection with the financing.

Net proceeds from the financing are to be used to assist in accessing new markets for the firms cannabinoid portfolio, as well as to expedite the commercialization of new cannabinoids and access additional manufacturing capacity. Funds will also be used for working capital and general corporate purposes.

Willow Biosciences last traded at $1.91 on the TSX.


FULL DISCLOSURE: Willow Biosciences Inc is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Willow Biosciences Inc on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

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