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.
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