Devonian Announces the Issuance of Units in Settlement of Interests Owed to Debenture Holders
09 September 2021 - 6:00AM
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, announces today the issuance of the following units in
settlement of interests owed to a holders of debenture issued in
the private placement, as announced by press releases dated July
19, 2018:
- 78,078 units at a unit price of $ 0.45 (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 August 31, 2021 for an
aggregate amount of $35,136. 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 $ 0.59 for a period of 48
months.
The issuance of Units is subject to the approval of the TSX
Venture Exchange and will be subject to a hold period of 4 months
and one day.
About Devonian
Devonian Health Group Inc. 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 US-FDA set of regulatory guidelines
favouring a more efficient drug development pathway for
prescription botanical drug products over those of traditional
prescription medicines. Devonian’s flagship product, Thykamine™,
the first pharmaceutical product issued from Devonian’s SUPREX™
platform, is a highly innovative product for the prevention and
treatment of health conditions related to inflammation and
oxidative stress. The anti-inflammatory, anti-oxidative and
immunomodulatory properties of Thykamine™ have been demonstrated by
a considerable number of in vitro and in vivo studies as well as in
a Phase IIa clinical study in patients with Mild-to-Moderate distal
Ulcerative Colitis and in a large phase 2 clinical trial in adult
patients with Mild-to-Moderate Atopic Dermatitis. The product is
now ready to move into phase 3 clinical development.
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
Inc. was incorporated in 2015 and is headquartered in Québec,
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 TSXV Exchange
(TSXv:GSD).
For more information, visit www.groupedevonian.comFor more
information, visit www.groupedevonian.com.
Forward Looking Statements
This press release contains forward-looking statements about
Devonian’s objectives, strategies and businesses that involve risks
and uncertainties. These statements are “forward-looking” because
they are based on our current expectations about the markets we
operate in and on various estimates and assumptions. Actual events
or results may differ materially from those anticipated in these
forward-looking statements if known or unknown risks affect our
business, or if our estimates or assumptions turn out to be
inaccurate. Such risks and assumptions include, but are not limited
to, Devonian’s ability to develop, manufacture, and successfully
commercialize value-added pharmaceutical and dermo-cosmeceutical
products, the availability of funds and resources to pursue R&D
projects, the successful and timely completion of clinical studies,
the ability of Devonian to take advantage of business opportunities
in the pharmaceutical and dermo-cosmeceutical industries,
uncertainties related to the regulatory process and general changes
in economic conditions. You will find a more detailed assessment of
the risks that could cause actual events or results to materially
differ from our current expectations in Devonian’s prospectus dated
April 21st, 2017 under the heading “Risk Factors” related to
Devonian’s business. As a result, we cannot guarantee that any
forward-looking statement will materialize. We assume no obligation
to update any forward-looking statement even if new information
becomes available, as a result of future events or for any other
reason, unless required by applicable securities laws and
regulations.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20210908005598/en/
Dr André P. Boulet, PhD President and Chief Executive Officer
Devonian Health Group Inc. Telephone: (514) 248-7509 Email:
apboulet@groupedevonian.com
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