Willow Biosciences Inc (TSX:WLLW, OTCQB:CANSF) is launching a brokered private placement to raise up to C$3 million to fund the company's enzyme engineering projects.
Investors are being offered the opportunity to buy up to 30 million units at 10 cents each. Each unit includes one common share and one-half of a common share purchase warrant. A full warrant allows the holder to buy one additional share at 13 cents within three years of the closing date.
The funds from this offering will support the development of new biobased methods for producing active pharmaceutical ingredients through a strategic partnership with Laurus Labs.
The money will also help improve existing products, cover working capital needs, and general corporate purposes. Combined with current funds and expected revenues, Willow believes it will have enough capital to operate until the end of 2025.
Independent Trading Group has agreed to act as the lead agent and sole book-runner for placement.