The Golden Globe Awards will honor the best in American television of 2020, as well as film in 2020 and early 2021 “We are very pleased with the results of the offering, the proceeds of which will enable the company to accelerate investments in executing our commercialization plan for our existing cannabinoid portfolio and continue to explore opportunities for cannabinoids in development,” said Trevor Peters. President and Chief Executive Officer of Willow. “This funding generated significant interest from institutional asset managers, which is an important step in the company’s development. In addition, Willow’s strong cash position gives us, as an organization, much more room to negotiate on potential business development opportunities. With the commercialization of our first cannabinoid,
The Offer was made pursuant to an acquisition agreement dated February 16, 2021 (the “Acquisition Agreement”) between the Company and a consortium of syndicate banks led by Eight Capital and BMO Nesbitt Burns Inc. and Canaccord Genuity Corp. (collectively the “Underwriters”). In accordance with the share transfer agreement, the company paid the syndicate banks a cash commission of 6.0% of the gross proceeds from the offer. The Company has also issued 1,045,488 warrants to the underwriters to purchase common stock (each a “Compensation Warrant”), with each warrant allowing the Underwriters to purchase one common share at a price of $ 2.15 for a period of 24 months from the date of this agreement , provided that, if, at any time prior to the Equalization Warrant Expiration Date, the 20-day Volume Weighted Average of the actual closing prices of the Common Shares on the Toronto Stock Exchange or any other major stock exchange on which the Common Shares are listed is greater than $ 3.05 (the “Accelerator” ), the Company may, within 10 business days of the occurrence of an Acceleration Trigger, provide the Underwriters with notice accelerating the expiration date of the Compensation Warrants to the date that is 30 days after the date of such notice (the “Expedited Exercise Period”) . Compensation Warrants that have not been exercised will automatically expire at the end of the accelerated exercise period.
Travis Doupe, Willow’s chief financial officer, added, “The offer places us in a strong financial position to pursue our goals in 2021 and provides additional cash to support our work on commercializing cannabigerol (“ CBG “) And to scale the development of our other cannabinoid portfolio.”
The common stock has been offered in all provinces of Canada except Québec pursuant to a prospectus supplement dated February 16, 2021 to the Company’s brief prospectus dated October 13, 2020 (collectively the “Supplementary Prospectus”). The terms of the offering are further described in the supplemented prospectus available on the company’s SEDAR profile at www.sedar.com.