On October 10, 2023, Willow Biosciences Inc. closed the transaction. The company has received CAD 800,000 of the convertible debenture units. The Offering was led by insiders including members of the Board of Directors and members of the senior management team of the Company, who subscribed for a total of CAD 515,000.

Each Debenture Unit consists of one 12% unsecured convertible debenture in the principal amount of CAD 1,000 due October 10, 2026 and 4,762 common share purchase warrants. Each Warrant entitles the holder thereof to purchase one common share of the Company at a price of CAD 0.105 per Share until October 10, 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 Shares on the Toronto Stock Exchange or other principal exchange on which the Shares are listed, is greater than CAD 0.15, 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.