Willow Biosciences Inc. ('Willow' or the 'Company') (TSX: WLLW) (OTCQB: CANSF), a leading biotechnology company focused on revolutionizing industrial manufacturing of pure, consistent, and sustainable functional ingredients, is pleased to announce a second strategic investment (the 'Milestone Investment'), by way of non-brokered private placement, from Kalsec® Inc.

Willow Biosciences Inc.（“Willow”或“公司”）（TSX:WLLW）（OTCQB:CANSF）是一家领先的生物技术公司，专注于彻底改变纯，一致和可持续功能成分的工业制造业，很高兴宣布第二项战略投资（“里程碑投资”），通过非经纪私人配售，来自Kalsec®Inc。

('Kalsec'), a leading global producer of natural taste and sensory, food protection, colors and advanced hops ingredients for the food and beverage industry, for the continued development of natural food ingredients. This Milestone Investment is connected to the Kalsec investment announced by the Company on February 20, 2024, pursuant to which Kalsec committed to subscribe for an additional US$100,000.00 on the completion of an operational milestone by Willow to develop a strain that meets certain performance criteria (the 'Milestone').

（‘Kalsec’）是全球领先的天然口味和感官、食品保护、颜色和先进啤酒花成分生产商，用于食品和饮料行业，以持续开发天然食品成分。该里程碑式投资与公司于2024年2月20日宣布的Kalsec投资有关，根据该投资，Kalsec承诺在Willow完成运营里程碑后再认购100000.00美元，以开发符合某些性能标准的菌株（“里程碑”）。

This Milestone was achieved by the Company on February 23, 2024. Proceeds from the Milestone Investment will be used for the commercialization and development of the Company's pipeline of products, including natural food ingredients, working capital, and general corporate purposes.

该公司于2024年2月23日实现了这一里程碑。里程碑投资的收益将用于公司产品线的商业化和开发，包括天然食品成分、营运资金和一般企业用途。

Pursuant to the Milestone Investment, the Company issued 1,153,131 units (each, a 'Unit') at a subscription price of C$0.12 per Unit, each Unit consisting of one (1) common share in the capital of the Company (each, a 'Common Share') and one-half of one (1/2) Common Share purchase warrant (each whole warrant, a 'Warrant').

根据里程碑投资，公司以每单位0.12加元的认购价格发行了1153131个单位（每个单位，一个“单位”），每个单位由公司资本中的一（1）股普通股（每个，一个“普通股”）和一（1/2）股普通股认购权证（每个完整权证，一个“权证”）的一半组成。

Each Warrant entitles the holder thereof to purchase one (1) Common Share at a price of C$0.16 per Common Share until March 1, 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 C$0.21, 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.

每份认股权证的持有人有权以每股普通股0.16加元的价格购买一（1）股普通股，直至2025年3月1日；前提是，如果在权证到期日之前的任何时间，多伦多证券交易所（或普通股上市的其他主要交易所）普通股实际收盘价的20天成交量加权平均值大于0.21加元，公司可将认股权证的到期日提前至提前通知之日后20天。

All securities issued under the Milestone Investment, 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.

根据里程碑投资发行的所有证券，包括行权时可发行的证券，根据适用的证券立法，在加拿大的持有期为四个月零一天。

About Willow Biosciences Inc.

关于Willow Biosciences Inc。

Willow develops and produces precision fermented functional ingredients for the health and wellness, food and beverage and personal care markets. Willow's FutureGrownTM and BioOxi™ platforms enable large-scale production with sustainability at its core. Willow's R&D team has a proven track record of developing and commercializing bio-based manufacturing processes and products to benefit our B2B partners and their customers.

Willow为健康和保健、食品和饮料以及个人护理市场开发和生产精密发酵功能成分。Willow的FutureGrownTM和BioOxi™平台以可持续性为核心实现大规模生产。Willow的研发团队在开发和商业化基于生物的制造工艺和产品方面有着良好的记录，以使我们的B2B合作伙伴及其客户受益。

FutureGrown™ and BioOxi™ are registered trademarks of Willow Biosciences Inc. All other trademarks are trademarks of their respective holders.

FutureGrowth™和BioOxi™是Willow Biosciences Inc.的注册商标。所有其他商标均为其各自持有人的商标。