Mr. Pierre Montanaro reports

DEVONIAN ANNOUNCES FILING OF PRELIMINARY BASE SHELF PROSPECTUS

Devonian Health Group Inc. has filed and obtained a receipt for its preliminary short form base shelf prospectus with the securities regulatory authorities in each of the provinces of Canada (excluding the territories). Once a receipt for the final short form base shelf prospectus has been obtained from the applicable Canadian securities regulatory authorities, the corporation will be able to offer for sale and issue up to $30-million of subordinate voting shares, subscription receipts, debt securities warrants and units, or any combination thereof from time to time during the 25-month period during which the shelf prospectus remains valid. Should the corporation decide to offer securities during this period, the specific terms, including the use of proceeds from any offering of securities, will be set forth in one or more related prospectus supplements to the shelf prospectus.

The corporation has filed the preliminary shelf prospectus to maintain financial flexibility and to have the ability to react quickly to market opportunities for raising additional capital by offering the securities on an accelerated basis pursuant to the filing of prospectus supplements. However, there is no certainty any securities will be offered or sold under the shelf prospectus within the 25-month period.

A copy of the preliminary shelf prospectus can be found on the corporation's profile on SEDAR.

About Devonian Health Group Inc.

Devonian 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 U.S. Food and Drug Administration set of regulatory guidelines favouring a more efficient drug development pathway for prescription botanical drug products over those of traditional prescription medicines.

Devonian is also involved in the development of high-value cosmeceutical products leveraging the same proprietary approach employed with its pharmaceutical offerings. Devonian was incorporated in 2015 and is headquartered in Quebec, Canada, where it owns a state-of-the art extraction facility with full traceability from the seed to the pill. Acquired in 2018, Altius Healthcare Inc., its commercialization subsidiary, brings opportunities for further diversification and growth potential. Devonian is traded publicly on the exchange (TSX Venture Exchange: GSD) and on the OTCQB Exchange (OTCQB: DVHGF).

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