Devonian Announces Private Placement of up to $5 Million

Devonian Health Group Inc. (“Devonian” or the “Corporation”) (TSXV: GSD; OTCQB: DVHGF), a clinical stage botanical pharmaceutical corporation, focused on developing a unique portfolio of botanical pharmaceutical and cosmeceutical products, is pleased to announce its intention to complete a non-brokered private placement with investors relying on prospectus exemption pursuant to Regulation 45-106 respecting Prospectus Exemptions (the “Offering”) for a maximum of up to 33,333,333 units of the Corporation (the “Units”), at a price of $0.15 per Unit, for a total gross proceeds of up to $5,000,000. Each Unit will consist of one subordinate voting share of the Corporation (the “Shares”) and one warrant. Each warrant will entitle its holder thereof to purchase one Share at an exercise price of $0.20 for a period of 24 months following the closing date of the Offering. The Offering has been conditionally approved by the TSX Venture Exchange (the “Exchange”).

The proceeds of the Offering will mainly be used to finance the preparation of clinical study programs for Thykamine in particular the phase 2/3 program in pediatric atopic dermatitis, the phase 2 programs in radiodermatitis associated with radiotherapy and in Hand and Foot Syndrome and associated with chemotherapy and also for working capital relating to the general and administrative expenses of the Corporation.

The Corporation may pay up to 6% of the total amount of the Offering as finders’ fee.

All securities issued pursuant to this Offering will be subject to a restricted hold period of four months and one day. This Offering remains subject to approval of the regulatory authorities and to the final approval of the Exchange.

About Devonian

Devonian Health Group Inc. is a late-stage botanical pharmaceutical corporation with novel therapeutic approaches to targeting unmet medical needs. Devonian's core strategy is to develop prescription botanical drugs from plant materials and algae for the treatment of inflammatory-autoimmune diseases including but not limited to ulcerative colitis and atopic dermatitis. Based on a foundation of over 15 years of research, Devonian’s focus is further supported by a US-FDA set of regulatory guidelines favouring a more efficient drug development pathway for prescription botanical drug products over those of traditional prescription medicines.