PRESS RELEASE
For immediate release

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

THE SHAREHOLDERS OF ORLETTO VOTE 100% IN FAVOUR OF THE PROPOSED
AMALGAMATION WITH DEVONIAN

Québec, Québec, November 25, 2016 – Orletto Capital inc. (“Orletto” or the “Corporation”)
(TSX-V “OLE.P”), a Capital Pool Company and Devonian Health Group Inc. (“Devonian”), a
botanical pharmaceutical company based in Québec, are pleased to announce that the shareholders of
Orletto, present or represented by proxy at the annual general and special meeting of shareholders of Orletto
held on November 25, 2016 (the “Meeting”), unanimously voted in favour of the proposed amalgamation
with Devonian. The unanimous approval received at the Meeting represents an important milestone in
connection with the previously announced Qualifying Transaction of Orletto.

About Orletto

Orletto is a Capital Pool Company created pursuant to the Policy 2.4 and, to date, has not
conducted material operations of any kind, other than to identify and evaluate businesses and assets
with a view to completing a Qualifying Transaction. On September 9, 2014, Orletto completed its
initial public offering, and the Orletto common shares commenced trading on the Exchange. Since
incorporation, Orletto has incurred costs in carrying out its initial public offering, in seeking,
evaluating and negotiating potential Qualifying Transactions, and in meeting the disclosure
obligations imposed upon it as a reporting issuer.

About Devonian

Devonian is a late stage botanical pharmaceutical company with novel therapeutic approaches
targeting unmet medical needs. Devonian’s core strategy is to develop prescription botanical drugs.
This strategy is supported by US-FDA set of regulatory guidelines favouring a more efficient drug
development pathway versus traditional prescription medicines. Devonian is based on a
broad-based platform originating from over ten years of research. This platform provides a unique
process of extraction, purification, stabilization and conditioning of a molecular complex
responsible for the photosynthetic process in plants and algae: The Supra Molecular Complex
Extraction and Stabilisation Technology (SUPREX). The “Thykaminetm” is the first product issued
from this platform. The potent anti-inflammatory and anti-oxidative activities of “Thykaminetm” have been demonstrated in several pre-clinical experiments as well as in a Phase 2a ‘‘proof of
concept’’ clinical study in patients with mild-to-moderate distal ulcerative colitis. The product is
now moving into large phase 2 clinical trials in two therapeutic areas: Ulcerative Colitis and
Atopic Dermatitis. While the development of prescription botanical drugs is its core business,
Devonian is also involved in the development of high value derma-cosmeceutical products as part
of a secondary strategy to generate short-term revenues and optimize manufacturing efficiency.

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.

The post ORLETTO CAPITAL INC. / DEVONIAN HEALTH GROUP INC. – RESULTS OF THE VOTES FROM THE ANNUAL GENERAL MEETING OF ORLETTO appeared first on DEVONIAN HEALTH GROUP INC..

PRESS RELEASE
For immediate release

THE SHAREHOLDERS OF DEVONIAN VOTE 100% IN FAVOUR OF THE PROPOSED
AMALGAMATION WITH ORLETTO

Québec, Québec, November 9, 2016 – Orletto Capital inc. (“Orletto” or the “Corporation”) (TSXV
“OLE.P”), a Capital Pool Company and Devonian Health Group Inc. (“Devonian”), a botanical
pharmaceutical company based in Québec, are pleased to announce that the shareholders of Devonian,
present or represented by proxy at the annual general and special meeting of shareholders of Devonian held
on November 8, 2016 (the “Meeting”), unanimously voted in favour of the proposed amalgamation with
Orletto. The unanimous approval received at the Meeting represents an important milestone in connection
with the previously announced Qualifying Transaction of Orletto. The shareholders of Orletto will be asked
to vote on the amalgamation on November 25, 2016.

About Orletto

Orletto is a Capital Pool Company created pursuant to the Policy 2.4 and, to date, has not
conducted material operations of any kind, other than to identify and evaluate businesses and assets
with a view to completing a Qualifying Transaction. On September 9, 2014, Orletto completed its
initial public offering, and the Orletto common shares commenced trading on the Exchange. Since
incorporation, Orletto has incurred costs in carrying out its initial public offering, in seeking,
evaluating and negotiating potential Qualifying Transactions, and in meeting the disclosure
obligations imposed upon it as a reporting issuer.

About Devonian

Devonian is a late stage botanical pharmaceutical company with novel therapeutic approaches
targeting unmet medical needs. Devonian‟s core strategy is to develop prescription botanical drugs.
This strategy is supported by US-FDA set of regulatory guidelines favouring a more efficient drug
development pathway versus traditional prescription medicines. Devonian is based on a
broad-based platform originating from over ten years of research. This platform provides a unique
process of extraction, purification, stabilization and conditioning of a molecular complex
responsible for the photosynthetic process in plants and algae: The Supra Molecular Complex
Extraction and Stabilisation Technology (SUPREX). The “Thykaminetm” is the first product issued
from this platform. The potent anti-inflammatory and anti-oxidative activities of “Thykaminetm”
have been demonstrated in several pre-clinical experiments as well as in a Phase 2a „„proof of
concept‟‟ clinical study in patients with mild-to-moderate distal ulcerative colitis. The product is
now moving into large phase 2 clinical trials in two therapeutic areas: Ulcerative Colitis and
Atopic Dermatitis. While the development of prescription botanical drugs is its core business,
Devonian is also involved in the development of high value derma-cosmeceutical products as part
of a secondary strategy to generate short-term revenues and optimize manufacturing efficiency.

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.

The post ORLETTO CAPITAL INC. / DEVONIAN HEALTH GROUP INC. – RESULTS OF THE VOTES FROM THE ANNUAL GENERAL MEETING OF DEVONIAN appeared first on DEVONIAN HEALTH GROUP INC..

PRESS RELEASE
For immediate release

Devonian Health Group Inc Appoints Dr. Jean-Claude Tardif
as Chairman of Scientific Advisory Board

Québec, Québec, November 7, 2016 – M. André Boulet, President, CEO and Chairman of
Devonian Health Group Inc a pharmaceutical company based in Québec Canada and Benoit
Chotard, President of Orletto Capital inc. (“Orletto” or the “Corporation”) (TSX-V “OLE.P”) who
will propose to their shareholders to amalgamate at shareholder meetings to be held respectively on
November 8, 2016 and November 25, 2016 to form a new entity called Groupe Santé Devonian
Health Group Inc/Groupe Santé Devonian inc (“Devonian”) are pleased to announce the
appointment of Dr. Jean-Claude Tardif, CM, MD, FRCPC, FCCS, FACC, FAHA, FESC, FCAHS
as Chairman of the Scientific Advisory Board (“SAB”) of Devonian, which will serve as a strategic
resource to Devonian as it advances its clinical program.

“We are thrilled to have Dr. Tardif join Devonian as the Chairman of the Scientific Advisory Board.
Dr Tardif has tremendous expertise in drug discovery and development, which we believe will be
valuable in shaping the strategic direction of Devonian. We look forward to gaining counsel from
Dr. Tardif on the assessment of various scientific and clinical opportunities as well as ongoing
development of our clinical program. We plan to further expand our SAB to include renowned key
opinion leaders in inflammatory / auto-immune diseases who will play a key role in Devonian’s
scientific and clinical development initiatives,” said Dr. André P. Boulet, Ph.D., President, CEO
and Chairman of Devonian.

“I am very pleased to chair the Scientific Advisory Board and work with the Devonian team to
advance Devonian’s current and future therapeutic programs. Devonian is taking a unique and
exciting approach that may bring new therapies to market in a more efficient manner, targeting
areas of high unmet medical need. I am excited to support the team as they work to bring these
innovative therapies to the market,” stated Dr. Jean-Claude Tardif, Chairman of Devonian’s
Scientific Advisory Board.

About Dr Jean-Claude Tardif, MD

Jean-Claude Tardif is the Director of the Research Centre at the Montreal Heart Institute and
Professor of Medicine at the University of Montreal. Dr. Tardif graduated from the University of
Montreal with his medical degree in 1987 and completed his training in cardiology and research in
Montreal and Boston in 1994. Dr. Tardif holds the Canada Research Chair in translational and
personalized medicine and the University of Montreal endowed research chair in atherosclerosis.
He is the Scientific Director of the Montreal Health Innovations Coordinating Centre (MHICC) and
Chairman of the steering committees of the CIHR-funded Canadian Atherosclerosis Imaging
Network (CAIN) and Medical Imaging Trials Network of Canada (MITNEC).

Dr. Tardif has authored and co-authored more than 800 articles and abstracts in peer-reviewed
publications, including the New England Journal of Medicine, the Journal of the American Medical
Association, The Lancet, Circulation, the Journal of the American College of Cardiology, the
European Heart Journal, Nature Genetics, Genes and Development, the British Journal of
Pharmacology, and Cardiovascular Research. In addition, he has written more than 30 book
chapters (including in Braunwald’s Textbook of Heart Disease) and has edited several books. He
has given approximately 400 invited lectures around the world.

His research covers the molecular and genomic aspects of atherosclerosis and related diseases and
also involves pre-clinical models, mechanistic and observational clinical studies as well as large
international randomized clinical trials. Dr. Tardif is or has been the international principal
investigator or part of the study leadership of several large clinical trials in the field of
atherosclerosis and other cardiovascular diseases.

Dr. Tardif and his team have created the Beaulieu-Saucier Pharmacogenomics Center at the
Montreal Heart Institute and he has created the Center of Excellence in Personalized Medicine
(CEPMed), the latter funded by the Network of Centers of Excellence (NCE) of Canada and which
is also supported by multiple pharmaceutical and biotechnological companies. He is one of the
founding fathers of the International Partnership for Critical Markers of Disease (CMOD)
organization, which focuses on the development and better use of biomarkers (www.cmod.org).

Dr. Tardif has won multiple awards during his career, including the Research Achievement Award
of the Canadian Cardiovascular Society, the Genesis Award of BIOQuebec (for his outstanding
contributions to life sciences) and the Armand-Frappier Award of the Government of Quebec (the
highest scientific distinction in Quebec). He was also named scientific personality of the year by La
Presse newspaper. Because of his accomplishments, Dr. Tardif was named Fellow of the Canadian
Academy of Health Sciences (FCAHS) and was recently inducted into the Order of Canada.

About Orletto

Orletto is a Capital Pool Company created pursuant to the Policy 2.4 and, to date, has not
conducted material operations of any kind, other than to identify and evaluate businesses and assets
with a view to completing a Qualifying Transaction. On September 9, 2014, Orletto completed its
initial public offering, and the Orletto common shares commenced trading on the Exchange. Since
incorporation, Orletto has incurred costs in carrying out its initial public offering, in seeking,
evaluating and negotiating potential Qualifying Transactions, and in meeting the disclosure
obligations imposed upon it as a reporting issuer.

About Devonian

Devonian is a late stage botanical pharmaceutical company with novel therapeutic approaches
targeting unmet medical needs. Devonian’s core strategy is to develop prescription botanical drugs.
This strategy is supported by US-FDA set of regulatory guidelines favouring a more efficient drug
development pathway versus traditional prescription medicines. Devonian is based on a
broad-based platform originating from over ten years of research. This platform provides a unique
process of extraction, purification, stabilization and conditioning of a molecular complex
responsible for the photosynthetic process in plants and algae: The Supra Molecular Complex
Extraction and Stabilisation Technology (SUPREX). The “Thykaminetm” is the first product issued
from this platform. The potent anti-inflammatory and anti-oxidative activities of “Thykaminetm”
have been demonstrated in several pre-clinical experiments as well as in a Phase 2a ‘‘proof of
concept’’ clinical study in patients with mild-to-moderate distal ulcerative colitis. The product is
now moving into large phase 2 clinical trials in two therapeutic areas: Ulcerative Colitis and
Atopic Dermatitis. While the development of prescription botanical drugs is its core business,
Devonian is also involved in the development of high value derma-cosmeceutical products as part
of a secondary strategy to generate short-term revenues and optimize manufacturing efficiency.

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.

The statements contained herein that are not historical facts are forward-looking statements. These
statements address future events and conditions and so involve inherent risks and uncertainties.
Actual results could differ from those currently projected. The Corporation does not assume the
obligation to update any forward-looking statement.

The post ORLETTO CAPITAL INC. / DEVONIAN HEALTH GROUP INC. – DEVONIAN APPOINTS DR JEAN-CLAUDE TARDIF AS CHAIRMAN OF SCIENTIFIC ADVISORY BOARD appeared first on DEVONIAN HEALTH GROUP INC..

PRESS RELEASE
For immediate release

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

ORLETTO ANNOUNCES A FINANCING BY WAY OF LONG FORM PROSPECTUS IN
CONNECTION WITH ITS QUALIFYING TRANSACTION WITH DEVONIAN HEALTH
GROUP INC.

Québec, Québec, August 23, 2016 – Benoit Chotard, President of Orletto Capital inc. (“Orletto”)
(TSX-V “OLE.P”), a Capital Pool Company, is pleased to announce that it has filed a preliminary
long form prospectus (the “Prospectus”) in connection with a proposed offering of common shares
(the “Common Shares”) of the Corporation for minimum aggregate gross proceeds of $6,000,000
(the “Offering”) and maximum aggregate gross proceeds of $10,000,000. The Offering will be
conducted on a commercially reasonable basis through Richardson GMP Limited (the “Agent”).

Each Unit consists of one common share in the capital of Orletto (the “Orletto Share”) and one-half
of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”).
Each Warrant entitles its holder to purchase one Orletto Share (a “Warrant Share”), at a price of
$1.10 per Warrant Share, for a period of 24 months from the Closing Date.

The Corporation has also agreed to grant the Agent an option to cover over-allotments and for
market stabilization purposes (the “Over Allotment Option”), which will allow the Agent to arrange
for purchasers to acquire up to 15% of the number of Units sold under the Offering. The Over
Allotment Option will be exercisable, in whole or in part, at any time up to 30 days after the closing
of the Offering.

The acquisition of all the issued and outstanding shares of Devonian Health Group Inc. together
with the completion of the Orletto prospectus and other related transactions is intended to serve as
the Orletto’s qualifying transaction pursuant to policy 2.4 of the TSX Venture Exchange. The
completion of the qualifying transaction is subject to a number of conditions included but not
limited to TSX Venture Exchange acceptance and completion of the Offering, among other things.
There can be no assurance that the transactions will be completed as proposed or at all.
The Offering is being made pursuant to a long form prospectus in Québec, Ontario, British
Columbia and Alberta. A copy of the preliminary long form prospectus is available on SEDAR at
www.sedar.com.

This press release does not constitute an offer of securities for sale in the United States or to “U.S.
persons” (“U.S. persons”), as such term is defined in Regulation S promulgated under the United
States Securities Act of 1933, as amended (the “U.S. Securities Act”). The securities being offered
have not been, nor will be, registered under the U.S. Securities Act or any state securities laws, and
may not be offered or sold in the United States or to U.S. persons absent registration or an
applicable exemption from such registration requirements.

About Orletto

Orletto is a Capital Pool Company created pursuant to the Policy 2.4 and, to date, has not
conducted material operations of any kind, other than to identify and evaluate businesses and assets
with a view to completing a Qualifying Transaction. On September 9, 2014, Orletto completed its
initial public offering, and the Orletto common shares commenced trading on the Exchange. Since
incorporation, Orletto has incurred costs in carrying out its initial public offering, in seeking,
evaluating and negotiating potential Qualifying Transactions, and in meeting the disclosure
obligations imposed upon it as a reporting issuer.

About Devonian

Devonian is a late stage botanical pharmaceutical company with novel therapeutic approaches
targeting unmet medical needs. Devonian’s core strategy is to develop prescription botanical drugs.
This strategy is supported by US-FDA set of regulatory guidelines favouring a more efficient drug
development pathway versus traditional prescription medicines. Devonian is based on a
broad-based platform originating from over ten years of research. This platform provides a unique
process of extraction, purification, stabilization and conditioning of a molecular complex
responsible for the photosynthetic process in plants and algae: The Supra Molecular Complex
Extraction and Stabilisation Technology (SUPREX). The “Thykaminetm” is the first product issued
from this platform. The potent anti-inflammatory and anti-oxidative activities of “Thykaminetm”
has been demonstrated in several pre-clinical experiments as well as in a Phase 2a ‘‘proof of
concept’’ clinical study in patients with mild-to-moderate distal ulcerative colitis. The product is
now moving into large phase 2 clinical trials in two therapeutic areas: Ulcerative Colitis and
Atopic Dermatitis. While the development of prescription botanical drugs is its core business,
Devonian is also involved in the development of high value derma-cosmeceutical products as part
of a secondary strategy to generate short-term revenues and optimize manufacturing efficiency.

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.

The statements contained herein that are not historical facts are forward-looking statements. These
statements address future events and conditions and so involve inherent risks and uncertainties.
Actual results could differ from those currently projected. The Corporation does not assume the
obligation to update any forward-looking statement.

The post ORLETTO CAPITAL INC. / DEVONIAN HEALTH GROUP INC. – FINANCING BY WAY OF LONG FORM PROSPECTUS appeared first on DEVONIAN HEALTH GROUP INC..

PRESS RELEASE
For immediate release

CONCLUSION OF AN AGREEMENT IN PRINCIPLE
WITH RESPECT TO A QUALIFYING TRANSACTION BETWEEN
ORLETTO CAPITAL INC. AND DEVONIAN HEALTH GROUP INC. .

Québec, Québec, April 26, 2016 – Benoit Chotard, President of Orletto Capital Inc. (“Orletto”) (TSX-V “OLE.P”), a
Capital Pool Company, is pleased to announce that, on May 15, 2015, Orletto and Devonian Health Group Inc.
(“Devonian”) initially signed an agreement in principle, as amended on April 7 2016 (the “Agreement in Principle”),
pursuant to which the parties intend to complete a business combination by way of an amalgamation which will
constitute the Qualifying Transaction (as defined in the Policy 2.4) of Orletto pursuant to Policy 2.4 of the TSX
Venture Exchange (the “Exchange”) found in the Exchange Corporate Finance Manual (“Policy 2.4”). The resulting
issuer will be involved in the industry segment of life sciences. The completion of the Qualifying Transaction will be
subject to a number of conditions including the completion of a concurrent public financing by way of a prospectus of
a minimum amount of $6,000,000 and a maximum amount of $10,000,000 (the “Public Offering”) as more fully
described below.

About Devonian

Devonian Health Group Inc. is a corporation resulting from a long-form amalgamation under the Business Corporation
Act (Québec) (CQLR c S-31.1) (“QBCA”) on March 27, 2015 of Devonian Technologies Inc., Devonian
Pharmaceutical Inc., Devonian Cosmetics Inc. and CONSULTANT GO CONTACT INC. Devonian‟s head office is
located at 360 Entrepreneurs Street, Montmagny, Québec, G5V 4T1. On April 28, 2015, Devonian entered into an
assets purchase and sale agreement with Lemieux Nolet inc., in its capacity as trustee of PurGenesis Technologies Inc.
(“PurGenesis”) in connection with the purchase of the assets of PurGenesis (the “Assets Purchase Agreement”).
Pursuant to the Assets Purchase Agreement, Devonian acquired all of the assets of PurGenesis including the property
titles on an immovable within the registration division of Montmagny. Since April 28, 2015, Devonian has assumed
the development of products previously owned by PurGenesis.
PurGenesis was a corporation specialized in the development of botanical drugs as well as dermo-cosmetic products.
Until 2013, the corporation raised more than $36 million in financing from private investors and from government
agencies. PurGenesis completed a full pre-clinical program on an anti-inflammatory drug and successfully completed a
phase I clinical study in healthy volunteers as well as a phase 2a clinical study in patients with left-sided ulcerative
colitis. The corporation also completed the development of dermo-cosmetic products for women. PurGenesis built a
state-of-the-art, pharmaceutical grade, 1,625 square metre extraction facility. Several patents and trademarks were filed
prior its acquisition by Devonian.

Devonian is a late stage botanical pharmaceutical company with novel therapeutic approaches targeting unmet medical
needs. Devonian‟s core strategy is to develop prescription botanical drugs. This strategy is supported by U.S. Food and
Drug Administration (“FDA”) set of regulatory guidelines favouring a more efficient drug development pathway
versus traditional prescription medicines. Devonian is based on a broad-based platform originating from over ten years
of research. This platform provides a unique process of extraction, purification, stabilization and conditioning of a
molecular complex responsible for the photosynthetic process in plants and algae: The Supra Molecular Complex
Extraction and Stabilisation Technology (SUPREX). Thykaminetm is the first product issued from this platform. The
potent anti-inflammatory and anti-oxidative activities of Thykaminetm has been demonstrated in several pre-clinical
experiments as well as in a Phase 2a „„proof of concept‟‟ clinical study in patients with mild-to-moderate distal
ulcerative colitis. The product is now moving into large phase 2 clinical trials in two therapeutic areas: Ulcerative
Colitis and Atopic Dermatitis. While the development of prescription botanical drugs is its core business, Devonian is
also involved in the development of high value derma-cosmeceutical products as part of a secondary strategy to
generate short-term revenues and optimize manufacturing efficiency. Devonian owns a state of the art, 1,625-squaremetre
facility, located in Montmagny, Quebec. Devonian plans to seek the FDA current good manufacturing practice
(cGMP) qualification, in due time, for its facility.

Devonian currently has 24,989,973 Class A Shares outstanding, 8,833,333 warrants giving the right to its holder to
subscribe for 8,833,333 Class A Shares of Devonian, 1,261,407 warrants giving the rights to its holder to subscribe for
1,576,758 Class A Shares of Devonian (collectively, the “Devonian Warrants”), as well as convertible debentures
totaling $1,155,000 (the “Debentures”). Devonian has no other common shares or other securities outstanding and is
not a party to any agreement requiring it to issue options, share purchase warrants or other securities convertible into
shares. Mr. André Boulet, President and Chief Executive Officer of Devonian and 9099-3452 Québec inc., domiciled
or having a place of business at 38 rue des Tournois Blainville (Québec) J7C4Y3, controlled by André Boulet, own
13,130,602 Class A Shares of Devonian which represents 52.54 % of the issued and outstanding Class A Shares of
Devonian. Mr. André P. Boulet, through ownership of or control or direction over the securities of 9099-3452
Québec inc., is a principal securityholder of Devonian and holds directly or indirectly 52.54% of the Devonian Shares.
Mr. André P. Boulet holds 649 Devonian Shares personally and 13,129,953 Devonian Shares are held by 9099-3452
Québec inc., a corporation affiliated to Fiducie André Boulet, which is controlled by Mr. André P. Boulet.

Devonian Financial Information

Based on audited financial statements for the year ended July 31, 2015, Devonian had no revenue, operating expenses
of $761,754 and a net profit of $1,922,555. In addition, as at July 31, 2015 Devonian had assets of $11,733,839,
current assets of $2,184,639, and liabilities of $6,545,356.

About Orletto

Orletto is a Capital Pool Company created pursuant to the Policy 2.4 and, to date, has not conducted material
operations of any kind, other than to identify and evaluate businesses and assets with a view to completing a
Qualifying Transaction. On September 9, 2014, Orletto completed its initial public offering, and the Orletto common
shares commenced trading on the Exchange. Since incorporation, Orletto has incurred costs in carrying out its initial
public offering, in seeking, evaluating and negotiating potential Qualifying Transactions, and in meeting the disclosure
obligations imposed upon it as a reporting issuer.

Orletto currently has 5,493,000 common shares issued and outstanding and 898,600 options to purchase common
shares at a price of $0.10 per common shares (the “Orletto‟s Options”). Orletto has no other common shares or other
securities outstanding and is not a party to any agreement requiring it to issue options, share purchase warrants or other
securities convertible into shares.

Summary of the Proposed Qualifying Transaction

Amalgamation

According to the terms of the Agreement in Principle, Orletto proposes to merge with Devonian on a pre-money
valuation of $30,000,000 for both corporation and at an exchange ratio of 5% for the shareholders of Orletto and 95%
for the shareholders of Devonian, calculated on a non diluted basis prior to any issue of securities issuable upon the
exercise of the Orletto‟s Options, the Devonian Warrants, the conversion of the Debentures and the Public Offering.
Following the amalgamation, on a non diluted basis, the shareholders of Orletto will hold 2,000,000 voting shares of
the resulting issuer and the shareholders of Devonian will hold 38,000,000 voting shares of the resulting issuer at a
deemed price of $0.75 per share. Each outstanding Orletto common share will be exchanged for approximately 0.3641
voting share of the resulting issuer and each outstanding Devonian Class A Share will be exchanged for approximately
1.5206 voting share of the resulting issuer. Following the amalgamation, the resulting issuer will be named „„Devonian
Health Group Inc.‟‟. Mr. André P. Boulet, who will be the proposed President, Chief Executive Officer, Secretary and
director of the resulting issuer, will hold an aggregate of 19,966,523 voting shares of the resulting issuer some of
which will be held by 9099-3452 Québec inc., a corporation affiliated to Fiducie André Boulet, which is controlled by
Mr. André P. Boulet. Mr. Matthew Peppler, who will be a proposed director of the resulting issuer, will hold
approximately 1,267,174 voting shares of the resulting issuer and approximately 1,267,174 share purchase warrants of
the resulting issuer, each share purchase warrant giving the right to its holder to subscribe for one voting share of the
resulting issuer at a price of $0.20 per voting share. Mr. Pierre Colas, who will be a proposed director of the resulting
issuer, will hold approximately 32,155 voting share of the resulting issuer assuming conversion of the Debentures held
by Mr. Colas, in principal and interest, as at June 30, 2016. It is anticipated that Messrs. Boulet, Peppler and Colas will
constitute the only insiders of the resulting issuer and will respectively held 47.58%, 3.02% and 0.08% of the voting
shares of the resulting issuer calculated on a partially diluted basis prior to any issue of securities issuable upon
exercise of the Orletto‟s Options and the Devonian Warrants but after the conversion of the Debentures in principal
and interest due as at June 30, 2016 and prior to the Public Offering (as defined herein) and assuming that no
subscriber will become an insider through the subscription of more than 10% of the voting shares of the resulting
issuer under the Public Offering.

Public Offering between $6,000,000 and $10,000,000

In order to meet the minimum listing requirements of the Exchange, Orletto will complete the Public Offering
concurrent with the Qualifying Transaction. The Public Offering will be made by Orletto through Richardson GMP
Limited acting as lead agent (the “Lead Agent”) and including Industrial Alliance Securities Inc. and Mackie Research
Capital Corporation as co-leads (together with the Lead Agent, the “Agents”), on a commercially reasonable efforts
basis, for a minimum of 8,000,000 units (the “Units”) for total gross proceeds to Orletto of $6,000,000 (the “Minimum
Offering”) and a maximum of 13,333,333 Units for total gross proceeds of $10,000,000 (the “Maximum Offering”) at
a price of $0.75 per Unit (the “Offering Price”). Each Unit consist of one common share of Orletto and one-half of one
common share purchase warrant of Orletto (each whole common share purchase warrant, a “Warrant”). Each Warrant
entitles its holder to purchase one common share of Orletto (a “Warrant Share”) at a price of $1.10 per common share
for a period of 24 months from the listing date of the resulting issuer. The Units will be sold pursuant to the terms and
conditions of an agency agreement to be entered into between Orletto, Devonian and the Agents. The Offering Price
was determined based upon arm‟s length negotiations between Orletto, Devonian and the Lead Agent.

Agents’ Compensation in connection with the Public Offering

In consideration for the services to be rendered by the Agents in connection with the Public Offering, Orletto has
agreed to pay the Agents a fee equal to 10% (the “Agents‟ Fee”) of the gross proceeds of the Public Offering,
including the gross proceeds from the sale of any Additional Units (as defined herein) acquired upon exercise of the
Over Allotment Option (as defined herein). As additional compensation, the Agents will be granted an option
(the “Agents‟ Option”) that will entitle the Agents to purchase that number of common shares of Orletto (the “Agents‟
Shares”) equal to 10% of the total number of common shares comprised in the Units sold pursuant to the Public
Offering (including pursuant to the Over Allotment Option), at a price of $0.75 per Agents‟ Share, for a period of 24
months from the closing of the Public Offering (the “Closing Date”). In order to cover for over-allotments, if any,
Orletto will grant the Agents an over-allotment option (the “Over-Allotment Option”), exercisable for a period of 30
days from the closing date, to purchase an additional number Units equal to 15% of the number Units sold pursuant to
the Public Offering (the “Additional Units”). Orletto has also agreed to pay a corporate finance fee of $45,000
(plus GST) to the Lead Agent and reasonable out-of-pocket expenses.

Use of proceeds of the Public Offering

In the case of the Minimum Offering and after giving effect to the Qualifying Transaction, the resulting issuer will
achieve the following:

• complete a large Phase 2 clinical trial of Thykaminetm in patients with atopic dermatitis;
• carry out business development activities related to Thykaminetm licensing;
• meet general and administrative expenses.

In the case of the Maximum Offering, the following additional developments will be undertaken:

• complete cGMP extraction qualification;
• development of the oral and suppository formulations;
• structural characterization/mechanism of action; and
• R&D: potential pharmaco-kinetic markers.

Summary of Proposed Directors and Officers of the Resulting Issuer

After the closing of the amalgamation, the board of directors of the resulting issuer will consist of five (5) directors all
of whom will be nominees of Devonian, namely, André P. Boulet, President, Chief Executive Officer and Secretary,
François Michaud, Chief Financial Officer, Matthew Peppler, Director, Jean Bourgoin, Director and Pierre Colas,
Director, provided the Exchange does not object to such nominations and such persons are eligible to act as directors
pursuant to the requirements of the Canada Business Corporation Act (R.S.C., 1985, c. C-44) (the “CBCA”).

André P. Boulet – President and Chief Executive Officer

Dr. André P. Boulet, has extensive experience in drug development, regulatory affairs, market access, financing and
restructuring in the pharmaceutical and biotech industries. A seasoned entrepreneur, he stands out for his combined
strengths in applied science, business and finance.

He had a successful career as entrepreneur as well as partner of the venture capital firm BioCapital L.P. Dr. Boulet has
developed international expertise in drug development and health economics, working with Hoechst Marion Roussel,
Marion Merrell Dow Canada and Laboratoires Nordic Inc (now Sanofi).

Dr. Boulet holds a bachelor‟s degree in medical biology from the University of Quebec at Trois-Rivières and a
master‟s degree in experimental medicine/immunology-immunochemistry and a Ph.D. in physiology/endocrinology
from Laval University in Quebec City. He also completed a postdoctoral fellowship in biochemistry and biophysics at
the University of Pennsylvania, in the United States, and a training program in health economics at York University, in
the United Kingdom.

François Michaud – Chief Financial Officer

Mr. Francois Michaud has over 24 years of financial experience in a wide range of industries with public and private
corporations in Canada and Europe. Before joining Devonian, he was CFO at Devcore Group, a construction and
property development company, CFO at Biosyntech Inc, a TSX listed biotechnology corporation, CFO at Hemera
Technologies Inc, a software business and CFO at Ekco Group, a UK based manufacturing corporation. He also held
senior positions in Corporate Finance with DS Smith Plc, Quebecor Inc, JP Morgan and KPMG.

Francois is a CPA, CA and holds a Bachelor‟s degree in Business Administration from the Université du Québec en
Outaouais.

Matthew Peppler – Director

Matthew Peppler is the founder and President of Popgun Trading Co. Inc., a private equity firm founded in 2002 in
California and currently incorporated in Florida. Popgun specializes in finding and investing in early-stage disruptivetechnology
companies focused in the areas of biotechnology, pharmaceuticals, and medical instruments. Popgun‟s
team includes a cardiologist who is head of medical study analysis, an equity analyst with 15 years‟ experience, and a
head trader with 10 years‟ experience in finance and economics.

Every year, Mr. Peppler travels across Europe, North America, and Asia looking for new opportunities. This year he
has taken large positions in promising new companies in Australia, Canada, and the United Kingdom.
Mr. Peppler was born in Chappaqua. New York. He attended the University of Pennsylvania, where he studied at the
Wharton School of Business and graduated cum laude from the School of Liberal Arts. In 1981, Mr. Peppler also
completed the Producer Program of the American Film Institute in Beverly Hills, California. From 1983 to 1997, Mr.
Peppler was under contract, first as a development executive and then as a producer, at studios including Warner
Brothers, Disney, and Twentieth Century Fox.

After earning his Series 7 and Series 63 securities licences, Mr. Peppler transitioned to a career in finance. He built a
large clientele of movie-industry executives and artists, which he brought with him to Paine Webber Group Inc., an
American stock brokerage and asset management firm. There he earned a well-deserved reputation as a reliable,
successful money manager and broker, specializing in disruptive technology and biotech stocks.

In 2002, Mr. Peppler incorporated the Popgun Trading Co. in Santa Monica, California. By 2012, the corporation had
grown to the point that, for economic reasons, he moved it to and reincorporated in Boca Raton, Florida, where it is
now located.

Jean Bourgoin – Director

Dr. Bourgouin has over 25 years of global clinical drug development experience in the pharmaceutical industry. He
joined Rhône-Poulenc Rorer Canada (now Sanofi Canada) in 1982 and held positions of increasing responsibility,
serving as Vice President of Scientific Affairs at Aventis for eight years. In this role, he had responsibility for all
activities related to clinical research, health economics, and professional education. After leaving Aventis in 2004, he
served as Chief Medical Officer of WEX Pharmaceuticals Inc. from 2005 to 2006 and Vice-President, Medical Affairs
of Bradmer Pharmaceuticals Inc. from 2006 to 2007. Dr. Bourgouin earned his bachelor‟s degree at Collège Jean de
Brébeuf in Montreal, an M.Sc. in Pharmacology from the University of Montreal, and his M.D. from the same
university. He is a licensed member of the Medical Council of Canada and was Associate Professor in the
Pharmacology Department of the University of Montreal from 1989 to 2006.

Pierre Colas – Director

Mr. Colas has over 30 years of experience in the field of corporate finance. Retired Quebec based investment banker
Pierre Colas was the Vice-President and Managing Director, Investment Banking of Industrial Alliance Securities from
March 2009 to February 2014 and Senior Vice-President, Investment banking at Desjardins Securities from April 2005
to March 2009. Mr. Colas earned a bachelor degree in commerce from Concordia University in 1981.

Other Matters Concerning the Amalgamation

The completion of the amalgamation is subject to the approval of the Exchange and all other necessary regulatory
approvals. The completion of the amalgamation is also subject to additional conditions, including completion of the
Public Offering, various shareholders approvals and board of directors approvals of Orletto and Devonian, on the
amalgamation, the continuance of Devonian from the QBCA to the CBCA as well as satisfactory completion of due
diligence review by the Lead Agent, and certain other usual conditions. Orletto does not intend to provide Devonian
with any deposit or any advance or loan as permitted by the Policy 2.4. The Qualifying Transaction will not be a
non-arm’s length transaction as none of the directors, officers or insiders of Orletto own any interest in Devonian. The
Qualifying Transaction is exempt of the sponsorship requirements.

Trading of the Orletto common shares will not resume until the closing of the Qualifying Transaction.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange
acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval.
Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no
assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be
prepared in connection with the transaction, any information released or received with respect to the transaction
may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company
should be considered highly speculative.

The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release.

Except for historical information, this press release may contain “forward-looking statements” and “forwardlooking
information” within the meaning of applicable securities laws that reflect the Orletto’s or Devonian’s
current expectation regarding future events, including, without limitation, the proposed use of the net proceeds and
the timing and completion of the Public Offering. Forward-looking statements contained in this press release involve
known and unknown risks, uncertainties and other factors that may cause actual results, performance and
achievements of Orletto, Devonian and the resulting issuer, as the case may be, to be materially different from any
future results, performance or achievements expressed or implied by the said forward-looking statements. Orletto,
Devonian and the resulting issuer, as the case may be, expressly disclaims any intention to update or revise any
forward-looking statements and information whether as a result of new information, future events or otherwise,
other than as required by law.

This press release does not constitute an offer of securities for sale in the United States or to “U.S. persons” (“U.S.
persons”), as such term is defined in Regulation S promulgated under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”). The securities being offered have not been, nor will be, registered under the
U.S. Securities Act or any state securities laws, and may not be offered or sold in the United States or to U.S. persons
absent registration or an applicable exemption from such registration requirements.

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

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the
adequacy or accuracy of this press release.

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