Devonian Health Group Inc. announced a non-brokered private placement that it has issued 2,272,727 units at a price of CAD 0.22 per unit for the aggregate gross proceeds of CAD 500,000 on September 1, 2023. Each unit consists of one subordinate voting share and one share purchase warrant. Each warrant entitles the holder thereof to purchase one share at an exercise price of CAD 0.28 per share for a period of 24 months from the date of issuance thereof.

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 January 2, 2024, under applicable Canadian securities laws. The transaction is subject to the final approval of the TSX Venture Exchange.