Mr. Pierre Montanaro reports

DEVONIAN ANNOUNCES PRIVATE PLACEMENT OF UP TO $5 MILLION

Devonian Health Group Inc. intends to complete a non-brokered private placement with investors, relying on a prospectus exemption pursuant to Regulation 45-106 respecting prospectus exemptions for a maximum of up to 33,333,333 units of the corporation, at a price of 15 cents per unit, for total gross proceeds of up to $5-million. Each unit will consist of one subordinate voting share of the corporation and one warrant. Each warrant will entitle its holder thereof to purchase one share at an exercise price of 20 cents 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 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 per cent of the total amount of the offering as a finder's 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 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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