Devonian Health Group Inc. announced a non-brokered private placement of up to 33,333,333 units at a price of CAD 0.15 per unit for gross proceeds of CAD 5,000,000 on May 19, 2023. Each unit consists of one common share and one common share purchase warrant. Each warrant can be exercised to acquire one common share at a price of CAD 0.20 per share for a period of two years from the date of closing.

The securities are being subject to four months and one day hold period. The company may pay 6% finder's fees in the transaction. The offering has been conditionally approved by the TSX Venture Exchange and subject to approval from regulatory board.