Mr. Pierre Montanaro reports

DEVONIAN ANNOUNCES CLOSING OF A PRIVATE PLACEMENT OF $500,000

Devonian Health Group Inc. has closed a non-brokered private placement for aggregate gross proceeds of $499,999.94. The offering consisted of the issuance of 2,272,727 units of the corporation at a price of 22 cents per unit. Each unit consists of one subordinate voting share of the corporation and one share purchase warrant. Each warrant entitles the holder thereof to purchase one share at an exercise price of 28 cents per share for a period of 24 months from the date of issuance thereof.

The proceeds of the offering will mainly be used for working capital relating to the general and administrative expenses of the corporation.

No finders' 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 Jan. 2, 2024, under applicable Canadian securities laws. The offering remains subject to the final approval of the TSX Venture 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 United States Food and Drug Administration (FDA) 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 TSX Venture Exchange (symbol GSD) and on the OTCQB (symbol DVHGF).

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