Willow Biosciences Inc. announced a non-brokered equity private placement to issue units at a issue price of CAD 0.10 per Unit to new investor, Kalsec Inc on February 20, 2024. Each Unit consisting of one common share and one-half of one Common Share purchase warrant. Each Warrant entitles the holder thereof to purchase one Common Share at a price of CAD 0.14 per Common Share until February 20, 2025; provided that if, at any time prior to the expiry date of the Warrants, the 20-day volume weighted average of actual closing prices of the Common Shares on the Toronto Stock Exchange or other principal exchange on which the Common Shares are listed, is greater than CAD 0.18, the company may accelerate the expiry date of the warrants to the date that is 20 days following the date of the notice of such acceleration. Subject to the completion of an operational milestone by Willow to develop a strain that meets certain performance criteria, Kalsec agreed to subscribe for and purchase an additional CAD 135,141($100,000) of Units at a price per Unit equal to the greater of CAD 0.10; and a discount of 10% to the volume weighted average trading price of Common Shares on the TSX for the five business days ended on the completion date of the Milestone. All securities issued under the Financing, including securities issuable on exercise thereof, are subject to a hold period in Canada of four months and one day in accordance with applicable securities legislation.

On same date, the company issued 1,359,856 units at a subscription price of CAD 0.10 per Unit for gross proceeds CAD 135,985.6 in its first tranche.