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Calgary, Alabama, February 29, 2024 /CNW/ – Willow Biosciences Inc. (“willow” or “company(TSX: WLLW) (OTCQB: CANSF), a leading biotechnology company focused on revolutionizing the industrial manufacturing of pure, consistent and sustainable functional ingredients, has made its second strategic investment (” ) We are pleased to announce that.milestone investment“), from Kalsec through a non-brokered private placement.® Co., Ltd()Calsec) is one of the world’s leading producers of natural taste and sensation, food protection, color and advanced hop ingredients for the food and beverage industry, with the aim of continuing the development of natural food ingredients. This milestone investment is related to the Company’s announced Calsec investment.upon February 20, 2024pursuant to which Kalsec has committed to subscribing to additional contracts. 100,000.00 USD Completion of operational milestones by Willow to develop strains that meet specific performance criteria (“milestone“). This milestone has been achieved by our company. February 23, 2024. Proceeds from milestone investments will be used to commercialize and develop the Company’s product pipeline, including natural food ingredients, working capital and general corporate purposes.
Pursuant to the Milestone Investment, the Company issued 1,153,131 Units (respectively, “unit“) at a subscription price of $0.12 per Unit, each Unit consisting of one common share in the capital of the Company (each a “common stock“) and one-half (1/2) of one common share purchase warrant (each entire warrant, “)warrantEach warrant entitles its holder to purchase one common share at a price. ¥0.16 Until expiry per share of common stock March 1, 2025provided that, at any time prior to the expiration date of the subscription rights, the 20-day volume-weighted average of the actual closing price of the common stock on the Toronto Stock Exchange (or other major exchange on which the common stock is listed); , greater than 0.21 Canadian dollarthe Company may accelerate the expiration date of the stock acquisition rights to a date that is 20 days after the date of notification of such acceleration.
All securities issued pursuant to a Milestone Investment (including securities issued upon its exercise) are subject to a hold period of: Canada 4 months and 1 day in accordance with applicable securities laws.
About Willow Biosciences Inc.
Willow develops and produces precision fermented functional ingredients for the health and wellness, food and beverage, and personal care markets.Willows Future GrownTM The BioOxi™ platform enables 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 that benefit B2B partners and their customers. For more information, please visit www.willowbio.com.
FutureGrown™ and BioOxi™ are registered trademarks of Willow Biosciences Inc. All other trademarks are trademarks of their respective owners.
Forward-looking statements
This news release may contain forward-looking statements, including opinions, assumptions, estimates and evaluations regarding Willow’s future plans and operations, and in particular statements regarding: Use of proceeds from milestone investments. Listing of common stock issued pursuant to milestone investments and exercise of stock acquisition rights. When used in this news release, “will,” “anticipate,” “believe,” “may,” “estimate,” “expect,” “intend,” “may” ”, “anticipate”, “outlook”, “may”, “will”, “should” and similar expressions are intended to be included as identifying forward-looking statements. Intended. Forward-looking statements are based on a number of estimates and assumptions made by Willow. This includes, but is not limited to: assumptions regarding current and future market conditions; Willow’s future operations. and the 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 believes that the expectations expressed by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. there is no. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. This includes, but is not limited to: the success of Willow’s research and development strategy; Intellectual Property Infringement. not be able to benefit from the partnership; federal, state, and local government actions and efforts, changes in government policies, and the implementation and impact of these actions, efforts, and policies; competition from other industry participants; deteriorating economic conditions in the United States, Canada and worldwide; Global adverse events and public health crises. Failure to comply with certain regulations. turnover of key management personnel or inability to attract and retain talent; Other factors are more fully described in Willow’s reports and filings with securities regulatory authorities from time to time. Please refer to our most recent annual information form and management’s discussion and analysis for a discussion of the risk factors associated with Willow. These can be accessed through Willow’s website (www.willowbio.com) or our SEDAR+ profile (www.sedarplus.ca).
The forward-looking statements contained in this news release are made as of the date of this release and, except as required by applicable law, Willow does not intend to make the forward-looking statements contained herein publicly. We have no obligation to update or correct it. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
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SOURCE Willow Biosciences Inc.
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