08:13 AM EDT, 05/07/2025 (MT Newswires) -- Willow Biosciences ( CANSF ) on Wednesday entered into a definitive reorganization and investment agreement.

In a statement the company said the agreement provides for a non-brokered equity private placement for gross proceeds of $30.0 million; the appointment of a new executive team and the reconstitution of the board of directors; and a change of name to Atlas Energy Corp.

The agreement is with Mark Hodgson, Don Kornelsen, Ryan Giroux, Blair Anderson and Richard Naden.

Shareholders of the company will be asked to approve, at a special meeting called for such purpose, a consolidation of the common shares of the company on the basis of one post-consolidation common share for every five pre-consolidation common shares to satisfy the pricing requirements of the TSX Venture Exchange in connection with the proposed listing on that exchange. The completion of the transaction is expected to occur on or about June 19, 2025, subject to certain closing conditions, including the approval of the TSXV and the completion of the consolidation. Following closing, the common shares are expected to trade on the TSXV on a post-consolidation basis under the new name and new stock symbol "ATLE". The common shares will be delisted from the Toronto Stock Exchange concurrent with closing.

Following listing on the TSXV, it will be an international upstream royalty and streaming company.

The new executive Team will be led by Mark Hodgson as President and Chief Executive Officer, Travis Doupe as Chief Financial Officer, Don Kornelsen as Vice President, Commercial, Ryan Giroux as Vice President, Corporate Development and Blair Anderson as Vice President, Geoscience of the company and Richard Naden as a Senior Executive.

The new board will be comprised of Mark Hodgson, Richard F. McHardy, Gary Brown, Glenn McNamara and Scott Price.