Devonian Announces Closing of a Private Placement of Units

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, announced that it has closed its non-brokered previously announced private placement for aggregate gross proceeds of $223,800.00 (the “Offering”), effective March 13, 2024. The Offering consisted of the issuance of 1,492,000 units of the Corporation (the “Units”) at a price of $0.15 per Unit. Each Unit consists of one subordinate voting share of the Corporation (a “Share”) and one Share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one Share at an exercise price of $0.20 per Share for a period of 24 months from the date of issuance thereof. The Offering follows the recent $2.16 million term loan term loan previously announced, for more details see the Corporation’s press release issued on February 26, 2024.

The proceeds of the Offering will mainly be used to finance working capital relating to the general and administrative expenses of the Corporation and will also be used to settle certain debts of the Corporation.

No finder’s fees were paid in connection with this Offering. The Shares and the Warrants issued pursuant to this Offering are subject to a restricted hold period of four months and one day, ending on July 14, 2024, under applicable Canadian securities laws. The Offering remains subject to the final approval of the TSX Venture Exchange.

“This Offering is a complement to our recent refinancing and demonstrates the continued support of Devonian’s strategy by our shareholders” said Luc Gregoire, President & CEO of the Corporation.

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.