Willow Biosciences Inc (TSX:WLLW, OTCQB:CANSF) has announced a strategic US$100,000 investment from Kalsec Inc to aid its development and commercialization of natural food ingredients.
Updating on Tuesday, Willow said the non-brokered private equity placement was expected to mark the first tranche of financing based on development milestones.
"We appreciate the trust Kalsec has in Willow and are delighted to welcome them as a partner and now as an investor,” CEO Chris Savile said in a statement.
Some 1,359,856 common shares were issued by Willow in accordance with the financing, at a subscription price of C$0.10 each.
Willow, which develops fermented functional ingredients for health and wellness foods and beverages, added Kalsec would purchase a further US$100,000 worth of shares based on it developing a strain that meets "certain performance criteria".
“We are delighted to expand our partnership with Kalsec to help bring the best products possible to Kalsec's customers with a keen focus on market-leading innovation and sustainability,” Savile added.