01:14 PM EDT, 03/14/2024 (MT Newswires) -- Devonian Health Group Inc. ( DVHGF ) said Thursday that it has raised gross proceeds of $223,800 by completing its non-brokered private placement.

The company's stock dropped 6.8% on last look on Thursday.

The offering comprised about 1.5 million units at $0.15 apiece. Each unit consists of one subordinate voting share and one share purchase warrant.

Each warrant allows the holder to buy one share at an exercise price of $0.20 apiece for 24 months from the date of issuance. The offering follows the recent $2.2 million term loan term loan previously announced.

The company plans to use the proceeds mainly to fund working capital relating to general and administrative expenses. The proceeds will also be used to settle certain debts of the company.

Devonian Health Group ( DVHGF ) is a late-stage botanical pharmaceutical company.

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