Devonian Reports Results of its Annual General and Special Meeting of Shareholders

Rhea-AI Summary

Devonian Health Group (OTCQB: DVHGF) reported the results of its annual general and special meeting held March 27, 2026.

Shareholders elected eight directors, appointed MNP LLP as auditor for the fiscal year ending July 31, 2026, and approved an amendment to increase the stock option pool to 20% of issued shares (post‑consolidation), subject to TSXV final approval.

Positive

• Board expanded with three new directors elected
• Independent auditor appointed for fiscal year ending July 31, 2026
• Option pool authorized to reach 20% of issued shares (post‑consolidation)

Negative

• Potential dilution from option reserve increasing to 20% of shares
• Option amendment remains subject to final TSXV approval

QUÉBEC, March 30, 2026 /PRNewswire/ - Devonian Health Group Inc. ("Devonian" or the "Company") (TSXV: GSD) (OTCQB: DVHGF), a clinical-stage biopharmaceutical company focused on developing innovative therapies targeting fibro-inflammatory diseases, today highlights the results of its annual general and special meeting of shareholders held on March 27, 2026 (the "Meeting") online via live webcast. The Company reported that shareholders voted on, and approved, the following proposals at the Meeting.

Election of Directors

Taking into account the proxies received, and the votes cast at the Meeting, the following individuals have been elected as directors of the Company until the next annual shareholders' meeting: Dr. André P. Boulet, Luc Buisson, Pr. Louis Flamand, Kathryn J. Gregory, Pierre Labbé, Josh Muntner, Dr. Kira Sheinerman and Dennis Turpin.

Dr. André P. Boulet, Chairman and CEO mentioned: "We are pleased to welcome Josh, Kira and Luc to our board. Their extensive experience and strategic insight in financing strategy will be invaluable as we continue to execute on our growth strategy and create long-term value for our shareholders".

Josh Muntner is a seasoned biopharmaceutical finance executive with over 25 years of experience as a Chief Financial Officer and investment banker. He has led more than 90 financings and strategic transactions, raising over $9 billion in capital. Mr. Muntner has held senior leadership roles across private and public life sciences companies, with responsibility for global finance, investor relations, and capital markets strategy. He holds a MBA from UCLA Anderson School of Management and a BFA from Carnegie Mellon University.

Dr. Kira Sheinerman is a Managing Director of Investment Banking at H.C. Wainwright and co-founder of DiamiR Biosciences. She brings deep expertise in healthcare fundraising, strategic advisory, and operations. She holds a PhD in Biomedical Sciences from Mount Sinai School of Medicine and an Honors MBA from Baruch College.

Luc Buisson is a Senior Strategic and Financial Advisor with over 35 years of experience in global investment banking and corporate finance. He previously served as Vice-Chair at HSBC across Canada and the Americas, advising governments, corporations, pension funds, and institutional investors on M&A, capital markets, and strategic transactions totaling more than $200 billion. Mr. Buisson is recognized for his sound judgment and ability to navigate complex stakeholder environments, providing pragmatic advice to boards and senior executives on mergers and acquisitions, capital structure, and transaction execution.

The Company also extends its sincere thanks to David Baker, Edouard Dahl and Luc Gregoire for their dedicated services and contributions to the Board over the past years.

Appointment of Auditors

Taking into account the proxies received, and the votes cast at the Meeting, MNP LLP has been appointed as the independent auditor of the Company for the current fiscal year ending July 31, 2026, and the directors of the Company have been authorized to determine its remuneration.

Option Plan Amendment

Under the TSX Venture Exchange (the "Exchange") policies, the stock option plan of the Company (the "Option Plan") is a "fixed up to 20%" plan, and any amendments must be approved by disinterested shareholders at a general meeting of the Company. The amendment aimed to increase the number of common shares in the capital of the Company (the "Shares") reserved for issuance under the Option Plan, from 29,644,506 Shares on a pre‑consolidation basis (representing approximately 494,075 on a post-consolidation basis) to 553,146 Shares on a post‑consolidation basis, so that it would represent 20% of the issued and outstanding Shares. At the Meeting, disinterested shareholders approved the amendment to the Option Plan.

The full text of the Option Plan can be found in Schedule B of the Company's management and information circular, a copy of which can be found on the Company's SEDAR+ profile at www.sedarplus.ca. The Option Plan remains subject to the final approval of the Exchange.

About Devonian

Devonian Health Group Inc. is a clinical stage pharmaceutical company specializing in the development of drugs for various auto-immune fibro-inflammatory disease with novel therapeutic approaches to targeting unmet medical needs. Devonian's core strategy is to develop prescription drugs for the treatment of fibro-inflammatory autoimmune diseases including but not limited to atopic dermatitis, radiodermatitis and ulcerative colitis.

Devonian is also involved in the development of high-value cosmeceutical products leveraging the same proprietary approach employed with their pharmaceutical offerings. Devonian also owns a commercialization subsidiary, Altius Healthcare Group LP, focused on selling prescription pharmaceutical products in Canada, under licenses from brand name pharmaceutical companies.

Devonian Health Group Inc. was incorporated in 2015 and is headquartered in Quebec, Canada where it owns a state-of-the art extraction facility. Devonian is traded publicly on the TSX Venture Exchange (the "Exchange") (TSXV: GSD) and currently quoted on the OTCQB Venture Market (OTCQB: DVHGF).

For more information, please visit www.groupedevonian.com.

Cautionary Note Regarding Forward-Looking Statements

All statements, other than statements of historical fact, contained in this press release including, but not limited to the receipt of the final approval of the Exchange and those relating to and generally, the above "About Devonian" paragraph, all of which essentially describes the Company's outlook, constitute "forward-looking information" or "forward-looking statements" within the meaning of certain securities laws (collectively, "forward-looking statements"), and are based on expectations, estimates and projections as of the time of this press release. Such forward-looking statements may be identified by the use of words such as "intends", "believes", "expects", or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", or "will" be taken, occur or be achieved.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that these assumptions will prove to be correct and there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the applicable securities regulators of Canada. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Devonian Health Group Inc.

FAQ

Who was elected to the Devonian board at the March 27, 2026 meeting (DVHGF)?

Eight directors were elected, including new appointees Josh Muntner, Kira Sheinerman and Luc Buisson. According to Devonian, the slate will serve until the next annual shareholders' meeting.

Which firm was appointed Devonian's auditor for the fiscal year ending July 31, 2026 (DVHGF)?

MNP LLP was appointed as Devonian's independent auditor for the fiscal year ending July 31, 2026. According to Devonian, the board is authorized to determine the auditor's remuneration.

What change to Devonian's stock option plan did shareholders approve on March 27, 2026 (DVHGF)?

Shareholders approved increasing the Option Plan reserve to represent 20% of issued shares on a post‑consolidation basis. According to Devonian, this increases the post‑consolidation reserved options to 553,146 shares, subject to Exchange approval.

How might the Option Plan amendment affect DVHGF shareholders?

The amendment could increase equity dilution by expanding the option reserve to 20% of issued shares. According to Devonian, the change is intended for employee and director compensation and awaits TSXV final approval.

Did any directors depart the Devonian board following the March 27, 2026 meeting (DVHGF)?

Yes, Devonian extended thanks to David Baker, Edouard Dahl and Luc Gregoire for their service, indicating they are no longer on the board after the meeting.

Is the Option Plan amendment final for Devonian or subject to further approval (DVHGF)?

The Option Plan amendment was approved by disinterested shareholders but remains subject to final approval by the TSX Venture Exchange. According to Devonian, Exchange consent is still required.