– Devonian Health ups its non-brokered financing to $2M

QUÉBEC CITY–(BUSINESS WIRE)–Devonian Health Group Inc. (“Devonian” or the “Corporation”) (TSXV:GSD), a clinical stage botanical pharmaceutical corporation focused on developing a unique portfolio of botanical pharmaceutical and cosmeceutical products, said Friday it has decided to increase the value of its $330,000 non-brokered private placement announced in a press release from April 22, 2020 for an aggregate gross proceeds of up to $2,000,000 (the “Offering”).

Devonian Health Group said that the offering, including the $330,000 non-brokered private placement announced on April 22, 2020, will now be comprised of two segments.

First is the issuance of up to 11,133,334 subordinate voting shares in the capital of the Corporation (a “Subordinate Voting Share”) at a price of $0.15 per Subordinate Voting Share for an aggregate gross proceeds of up to approximately $1,670,000.

Second is a non-brokered private placement of 1,555,554 units of the Corporation (each, a “First Offering Unit”), at a price of $0.15 per First Offering Unit, for an aggregate gross proceeds of $ 173,333 (the “First Offering”) and 994,712 units of the Corporation (each, a “Second Offering Unit” and collectively with the First Offering Unit, the “Offering Units”), at a price of $ 0.1575 per Second Offering Unit, for an aggregate gross proceeds of $ 156,667 (the “Second Offering”).

Devonian Health Group said that each First Offering Unit subscribed for under the First Offering is comprised of one Subordinate Voting Share and one warrant (a “First Offering Warrant”). Each First Offering Warrant shall entitle the holder thereof to subscribe for one Subordinate Voting Share of the Corporation, at a price of $0.25 per Subordinate Voting Share, for a period of 24 months following the closing of the Offering, subject to acceleration provision. Each Second Offering Unit subscribed for under the Second Offering is comprised of one Subordinate Voting Share and one warrant (a “Second Offering Warrant”). Each Second Offering Warrant shall entitle the holder thereof to subscribe for one Subordinate Voting Share of the Corporation, at a price of $ $0.25 per Subordinate Voting Share, for a period of 24 months following the closing of the Offering, subject to acceleration provision.

The issuance of the Offering Units and the Subordinate Voting Shares is conditional to the approval of the TSX Venture Exchange and will be subject to a hold period of 4 months and one day, Devonian Health Group said.

Moreover, some typos were noticed in the press release dated April 22, 2020. The first bullet point in the first paragraph should have been read as follows:

• “146,561 units at a unit price of $ 0.202 (each, a “Unit”) will be issued to holders of debentures issued in the second tranche of the private placement closed on August 31, 2018, in consideration for the interest due on February 28, 2020 for an aggregate amount of $ 29,605. Each Unit consists of one subordinate voting share of the Corporation (a “Subordinate Voting Share”) and one warrant (a “Warrant”). Each Warrant entitles its holder to subscribe for one Subordinate Voting Share of the Corporation at a price of $ 0.263 for a period of 48 months; and”