Mr. Luc Gregoire reports

DEVONIAN ANNOUNCES A $2.16 MILLION SECURED TERM LOAN FOLLOWING REPAYMENT OF $3.5 MILLION LONG TERM LOAN

Devonian Health Group Inc. has entered into a 12-month term loan in a principal of $2.16-million from Fiera Private Debt Inc., following the repayment of its $3.5-million long-term loan, which matured Jan. 17, 2024. The loan will be used for general corporate purposes.

"Following our repayment of the $3.5-million loan in January and the settlement of our debentures last year, this loan, together with our growing Altius revenues, should provide the liquidity we need to execute on our key research and development programs, while continuing to reduce overall debt," said Luc Gregoire, president and chief executive of the corporation.

The loan will bear interest at a rate of the annual variable interest rate set by the National Bank of Canada in effect from time to time, plus 8.8 per cent per annum. The loan will be secured by: (i) a first-rank immovable hypothec in favour of Fiera over the corporation's property located at 360 des Entrepreneurs St., Montmagny, Que., G5V 4T1; (ii) a first-rank hypothec in favour of Fiera over the universality of the movable property, corporeal and incorporeal, present and future, of the corporation and Altius Healthcare Inc., the corporation's wholly owned subsidiary; (iii) a movable hypothec, with and without delivery, in favour of Fiera on the shares and other securities of Altius's share capital held by the corporation; and (iv) a security agreement in favour Fiera over the intellectual property rights, present and future, held by the corporation and Altius in Canada and the United States. The loan remains subject to exchange approval.

About Devonian Health Group Inc.

Devonian Health Group 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 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 their pharmaceutical offerings. Devonian Health Group 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.

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