Willow Biosciences Inc (TSX:WLLW, OTCQB:CANSF) announced that Kalsec, a leading global producer of food protection, colors, and advanced hop products for the food and beverage industry, has made a second strategic investment in the company.
The company said this investment was connected to a previous one, where Kalsec committed to subscribe for an additional US$100,000 upon the completion of an operational milestone by Willow, which was completed on February 23.
The proceeds from the investment will be used for the commercialization and development of Willow’s pipeline of products, including natural food ingredients, working capital, and general corporate purposes.
Per the terms of the investment, the company issued 1,153,131 units at C$0.12 each.
Each unit consisted of a share and one-half of a share purchase warrant, with each whole warrant entitling the holder to purchase a share at C$0.16 until March 1, 2025, subject to certain conditions.
Willow Biosciences develops and produces precision fermented functional ingredients for the health and wellness, food and beverage and personal care markets.