<SEC-DOCUMENT>0001171843-25-003780.txt : 20250609
<SEC-HEADER>0001171843-25-003780.hdr.sgml : 20250609
<ACCEPTANCE-DATETIME>20250609071454
ACCESSION NUMBER:		0001171843-25-003780
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250609
DATE AS OF CHANGE:		20250609

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PORTAGE BIOTECH INC.
		CENTRAL INDEX KEY:			0001095435
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		STATE OF INCORPORATION:			D8
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-275229
		FILM NUMBER:		251032831

	BUSINESS ADDRESS:	
		STREET 1:		CLARENCE THOMAS BUILDING
		STREET 2:		P.O. BOX 4649, ROAD TOWN
		CITY:			TORTOLA
		STATE:			D8
		ZIP:			VG1110
		BUSINESS PHONE:		416-737-7600

	MAIL ADDRESS:	
		STREET 1:		CLARENCE THOMAS BUILDING
		STREET 2:		P.O. BOX 4649, ROAD TOWN
		CITY:			TORTOLA
		STATE:			D8
		ZIP:			VG1110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BONTAN CORP INC
		DATE OF NAME CHANGE:	20030421

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEALCHECK COM INC
		DATE OF NAME CHANGE:	19990921
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>f424b3_060925.htm
<DESCRIPTION>FORM 424B3
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>Filed Pursuant to Rule 424(b)(3)</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>Registration No. 333-275229</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>(to Prospectus dated November 7, 2023)</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: Red"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Portage Biotech Inc.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>481,581 Ordinary Shares underlying Warrants</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.3in; margin: 0pt 0">This prospectus supplement is being filed to update
and supplement the information contained in the prospectus dated November 7, 2023 (the &ldquo;Prospectus&rdquo;), which forms a part of
our Registration Statement on Form F-1 (Registration No. 333-275229), as amended most recently by the post-effective amendment filed on
August 23, 2024, with the information contained in our current report on Form 6-K, furnished to the Securities and Exchange Commission
on June 9, 2025 (the &ldquo;June 9, 2025 Form 6-K&rdquo;). Accordingly, we have attached the June 9, 2025 Form 6-K to this prospectus
supplement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.3in; margin: 0pt 0">This prospectus supplement updates and supplements
the information in the Prospectus and is not complete without, and may not be delivered or utilized except in combination with, the Prospectus,
including any amendments or supplements thereto. This prospectus supplement should be read in conjunction with the Prospectus and if there
is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information in this
prospectus supplement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.3in; margin: 0pt 0">Our Ordinary Shares are listed on The Nasdaq Capital
Market (&ldquo;Nasdaq&rdquo;) under the symbol &ldquo;PRTG&rdquo;. On June 6, 2025, the closing sale price of our Ordinary Shares as
reported on Nasdaq was $8.41.</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><B>___________________________</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.3in; margin: 0pt 0"><B>Investing in the securities offered in the Prospectus
involves a high degree of risk. Before making any investment in these securities, you should consider carefully the risks and uncertainties
in the section entitled &ldquo;Risk Factors&rdquo; beginning on page 9 of the Prospectus, and in the other documents that are incorporated
by reference into the Prospectus.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.3in; margin: 0pt 0"><B>Neither the Securities and Exchange Commission nor
any state or non-U.S. regulatory body has approved or disapproved of the securities offered in the Prospectus or passed upon the accuracy
or adequacy of the Prospectus or this prospectus supplement. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><B>___________________________</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>The date of this prospectus supplement is June 9, 2025</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: Red"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; color: Red"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; color: Red"><B></B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>


<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>UNITED STATES</B></P>


<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Washington, D.C. 20549</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>FORM 6-K</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</B></P>


<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>For the month of June 2025</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Commission File Number: <B>001-40086</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>PORTAGE BIOTECH INC.</B></P>


<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Translation of registrant's name into English)</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Clarence Thomas Building, P.O. Box 4649, Road Town, Tortola, British
Virgin Islands, VG1110</B></P>


<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Address of principal executive office)</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual reports under cover
of Form 20-F or Form 40-F.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; font-size: 10pt; text-align: left">Form 20-F &#9746;</TD><TD STYLE="width: 1%; font-size: 10pt">&#160;</TD>
    <TD STYLE="width: 79%; font-size: 10pt">Form 40-F &#9744;</TD></TR>
  </TABLE>


<P STYLE="margin: 0pt 0; font-size: 10pt">&#160;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&#160;</P>



<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>INCORPORATION BY REFERENCE</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This report on Form 6-K (including any exhibits attached hereto) shall
be deemed to be incorporated by reference into the registration statements on Form S-8 (File No. 333-275842) and Form F-3 (File No. 333-286961)
of Portage Biotech Inc. (including any prospectuses forming a part of such registration statement) and to be a part thereof from the date
on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&#160;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&#160;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&#160;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&#160;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&#160;</P>


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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Share Subscription Agreement</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">On June 5, 2025, Portage Biotech Inc., a company formed
under the laws of the British Virgin Islands (the &#8220;Portage&#8221;), and Compedica Holdings Limited, a company formed under the laws
of the Isle of Man (&#8220;Compedica&#8221;), entered a mutual Subscription Agreement (&#8220;Subscription Agreement&#8221;). Pursuant
to the Subscription Agreement, Portage issued 625,000 ordinary shares at a per share price of $8.00 in exchange for 1,165,501 shares of
Compedica with a value of $4.29 per share, in a transaction valued at $5,000,000. Compedica purchased 37.8% of Portage based on the issued
and outstanding ordinary shares of Portage immediately prior to the consummation of the Subscription Agreement, resulting in ownership
of 27.4% of the issued and outstanding ordinary shares of Portage immediately after the consummation of the Subscription Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Compedica is developing
the OptiPulse&#174; medical device to improve the treatment of diabetic foot ulcers, which afflict approximately 18.6 million people worldwide
and a fiveyear mortality rate of approximately 30%,</FONT> comparable to a cancer diagnosis. Compedica has developed a novel approach
to reduce the burden of care and improve outcomes in this area of intense unmet medical need.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The Portage ordinary shares were sold pursuant to an
exemption under the Securities Act of 1933, as amended, under Regulation S, and were issued as &#8220;restricted stock.&#8221; Compedica
was granted registration rights on a resale basis, upon demand, while the shares are restricted stock and Compedica is not otherwise able
to sell the shares in the public market. The Portage ordinary shares acquired by Compedica are not subject to any lock up arrangement.
Portage will reimburse Compedica for up to $50,000 of its legal fees in the transaction. Compedica was also granted the right to have
an observer attend board meetings and review written consents of the board of directors, subject to being restricted from access (including
participation in the meeting) to confidential or market sensitive information without a non-disclosure obligation with respect to such
information. There are no broker fees payable by either party to the Subscription Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">If Portage enters into an equity funding arrangement,
subject to the monthly working capital requirements of Portage and unless agreed otherwise by the parties in writing, for a period of
12 months from the date of the Subscription Agreement, Portage will use not less than 50% of the net funds to subscribe for new Compedica
equity at a price of $4.29 per share, the intended use of proceeds to be to support the continued development of the Compedica device
and its commercialization. To the extent less than 50% of the equity financing are invested in Compedica by Portage in any month (the
&#8220;Shortfall&#8221;), the Shortfall amount shall be added to the obligation of the Company to fund in the next following month (and
the aggregate of Shortfalls shall continue to accrue and be rolled forward for the duration of the 12 month term, with any outstanding
Shortfall amount not advanced as an equity investment at the end of the 12 month term immediately due and payable (unless agreed otherwise
in writing by Compedica)).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The foregoing description of the Subscription Agreement
does not purport to be complete and is qualified in its entirety by reference to the Subscription Agreement, which is filed as Exhibit
10.1 to this Current Report on Form 6-K and is incorporated herein by reference.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Approval by Special Committee</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">To negotiate and approve the terms of the
Subscription Agreement, the board of directors of Portage established a special committee thereof, consisting of Messrs. Steve
Mintz, Jean-Christoph Renondin and Justin Stebbing. The committee considered the Subscription Agreement transaction, as presented to
the committee. It reviewed the agreement, the overall terms of the transaction, and obligations of the parties thereto and concluded
that approval of the transaction represented by the Subscription Agreement was in the best interests of Portage. In reaching the
conclusion, the committee evaluated the organization and capitalization of Compedica, the financial position of Compedica based on
the unaudited financial statements of Compedica for the period ended December 31, 2024 and the audited financial statements of
Compedica for the period ended December 31, 2023, and the limited representations and warranties of Compedica set forth in the
Subscription Agreement. The committee also considered the overall business and future potential of the business of Compedica, the
state of development and regulatory approval preparation of its potential medical device, and also took into account the fact that
there were synergies between Portage and Compedica as both being engaged in medical product development. The committee also
considered that building a direct relationship with Compedica may be the first step of an alliance for addressing the North American
market by Compedica.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Nasdaq Listing Standards</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The sale of the Portage shares increased its shareholders&#8217;
equity by $5,000,000, which Portage believes will satisfy the shareholder equity deficiency under the continued listing rules of the Nasdaq
Capital Market. As of the date of this Current Report, the Company believes it has stockholders&rsquo; equity well in excess of the $2.5 million requirement
for continued listing pursuant to Nasdaq Listing Rule 5550(b)(1).</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Unregistered Sales of Equity Securities.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Pursuant to the Subscription Agreement, the Company
issued voting ordinary shares to Compedica. The issuance was exempt from registration under the Securities Act, in reliance on Regulation
S. The information contained in other sections of this Current Report on Form 6-K is incorporated by reference into this part of the Form
6-K. Compedica represented that it was acquiring Portage shares for investment only and not with a view towards, or for resale in connection
with a public sale or distribution thereof. The securities have not been registered under the Securities Act and such securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable
state securities laws. Neither this Current Report on Form 6-K nor any of the exhibits attached hereto is an offer to sell or the solicitation
of an offer to buy any ordinary shares of the Company.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&#160;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&#160;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>EXHIBIT INDEX</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&#160;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Exhibit No.</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Description</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="white-space: nowrap">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; font-size: 10pt; text-align: left">10.1*</TD><TD STYLE="width: 2%; font-size: 10pt">&#160;</TD>
    <TD STYLE="width: 88%; font-size: 10pt; text-align: left">Subscription Agreement between Portage Biotech Inc. and Compedica Holdings, LLC, dated June 5, 2025.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">99.1*</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Press release dated June 9, 2025, about share sale and
    purchase.</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">_______</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">* Filed herewith</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&#160;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&#160;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0.1in"></P>

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<P STYLE="margin: 0pt 0.1in; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0.1in; font-size: 10pt; font-weight: bold; text-align: center">SIGNATURES</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&#160;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 5.65pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 5.65pt">&#160;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 5.65pt">&#160;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 5.65pt">Date: June 9, 2025</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 5.65pt">&#160;</P>

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    <TD STYLE="width: 50%">&#160;</TD>
    <TD STYLE="font-size: 10pt; width: 10%">&#160;</TD>
    <TD STYLE="text-align: left; width: 40%">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: left">PORTAGE BIOTECH INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid">/s/ Andrea Park</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Andrea Park</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Chief Financial Officer</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 5.65pt">&#160;</P>



<P STYLE="margin: 0">&#160;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-weight: bold; text-align: right">Exhibit 10.1</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center">PORTAGE BIOTECH INC. SUBSCRIPTION
AGREEMENT</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">As of June 5, 2025</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Portage Biotech, Inc.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">1111B S Governors Ave #25907</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Dover, DE 19904</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The undersigned subscriber, Compedica Holdings Limited,
with an address at Viking House, Nelson Street, Douglas, Isle of Man IM1 2AH (email for notices: denham@burnbrae.com) (the &ldquo;<B>Subscriber</B>&rdquo;)
desires to purchase 625,000 ordinary shares (the &ldquo;<B>Common Stock</B>&rdquo;), of Portage Biotech, Inc., a company formed under
the laws of the British Virgin Islands, with an address at Clarence Thomas Building, P.O. Box 4649, Road Town, Tortola, British Virgin
Islands VG1110 (email for notices: andrea@portagebiotech.com) (the &ldquo;<B>Company</B>&rdquo;), with a per share value of $8.00 (&ldquo;<B>Portage
Shares</B>&rdquo;) in consideration for 1,165,501 shares of Subscriber (the &ldquo;<B>Subscription Price</B>&rdquo;) with a per share
value of $4.29 (&ldquo;<B>Compedica Shares</B>&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Subscriber will be purchasing 37.8% of the Company
based on the issued and outstanding ordinary shares of the Company immediately prior to the consummation of this Agreement, resulting
in ownership of 27.4% of the issued and outstanding ordinary shares of the Company immediately after the consummation of this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">In connection with this offer to purchase, the Subscriber
and the Company agree and acknowledge the following:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 1. Access to Information.</B> Each of the
Subscriber and the Company have had access to information about the other party to enable to make an informed decision to enter into the
transaction and to acquire the equity securities of the other as set out in this transaction. Each party has provided the other the additional
opportunity to ask questions and receive answers from management concerning their respective businesses, financial position, and prospects
of the other and the terms of the securities to be exchanged. Each of the Company and the Subscriber is satisfied with the responses to
any questions or concerns raised by one or the other. Each party hereby acknowledges receipt of all information and materials that it
deems necessary to evaluate an investment in the securities of the other and the exchange of securities.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 2. Subscriber&rsquo;s Acknowledgments. </B>The
Company has disclosed to the Subscriber and the Subscriber understands that:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>AN INVESTMENT IN THE COMPANY INVOLVES CONSIDERABLE RISKS NOT ASSOCIATED WITH OTHER INVESTMENTS, INCLUDING WITHOUT LIMITATION, THAT
THE COMPANY WILL NEED TO REORGANIZE ITS OPERATIONS, WILL NEED ADDITIONAL FINANCING TO OPERATE IN THE SHORT AND LONG TERM, THE COMPANY
IS DEPENDENT ON MANAGEMENT AND OTHER KEY PERSONNEL, THE COMPANY PRODUCTS ARE EARLY STAGE MEDICAL PRODUCTS, THERE IS SIGNIFICANT COMPETITION
FOR THE COMPANY&rsquo;S PRODUCTS AND SERVICES, THE COMPANY HAS LIMITED MARKETING CAPABILITIES AND RESOURCES, THE COMPANY WILL DEPEND ON
INTELLECTUAL PROPERTY TO COMPETE EFFECTIVELY, AND THE COMPANY IS DEPENDENT ON NEW PRODUCT DEVELOPMENT AND TECHNOLOGICAL ADVANCES.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The public market for the Common Stock is volatile and limited, therefore the Subscriber should anticipate holding the Common Stock
purchased hereunder for a considerable amount of time and there is no assurance that the Portage Shares will be able to be sold in the
public market.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Due to the absence of a substantial public market for the Common Stock: (i) the Subscriber may not be able to liquidate this investment
in the event of an unexpected need for cash; (ii) transferability of the Portage Shares is limited, and (iii) in the event of a disposition
of the Portage Shares, the Subscriber could sustain a loss.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Subscriber can bear the economic risk of losing its, his or her entire investment in the Portage Shares. The Subscriber is
prepared to bear the economic risk of this investment for an indefinite time.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Subscriber has adequate means of satisfying the Subscriber&rsquo;s short term needs for cash and has no present need for liquidity
which would require the Subscriber to sell the Portage Shares.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Portage Shares have <U>not</U> been registered under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act of
1933</B>&rdquo;), or state securities laws and, therefore, the Portage Shares cannot be resold or transferred in the United States public
markets unless the shares are subsequently registered under the Securities Act of 1933 and applicable state securities or &ldquo;<B>Blue
Sky</B>&rdquo; laws or exemptions from such registration are available.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A legend relating to the restrictions on the transfer of the Portage Shares will be placed on the Common Stock to be purchased
by the Subscriber.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Portage Shares have <U>not </U>been registered under the Securities Act of 1933 in reliance upon an exemption under the provisions
of the Securities Act of 1933 which depends, in part, upon the investment intention of the purchaser. In this connection, the Subscriber
understands that it is the position of the Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) that the statutory basis
for such exemption would not be present if the representation of the purchaser merely meant that its present intention was to hold the
Portage Shares for a short period, for a deferred sale, for a market rise, or for a sale if the market does not rise (assuming that a
market develops) for a year, or for any other fixed period. The Subscriber realizes that, in the view of the SEC, a purchase now with
an intent to resell would represent a purchase with an intent inconsistent with this investment representation, and the SEC might regard
such a sale or disposition as a deferred sale to which the exemption is not available.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Subscriber understands that because of its ownership position in the Company, it is an &ldquo;affiliate&rdquo; of the Company,
as that term is defined in Regulation D, promulgated under the Securities Act of 1933. Therefore, the Subscriber understands that there
are substantial legal restrictions on its ability to dispose of the Portage Shares and other reporting requirements under the United States
federal securities laws.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No federal or state agency has made any finding or determination as to the fairness of the investment, nor have they made any recommendation
or endorsement concerning the Portage Shares. The Subscriber understands that the per share price is based on the then market price of
the shares but that the market may not be an accurate means of measuring the value of a share and the overall value of the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Subscription Agreement is not revocable by the Subscriber and the Subscriber is submitting this Subscription Agreement intending
to be legally bound thereby.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Subscriber acknowledges that he or she is not entitled to any preemptive rights with respect to any shares of the capital stock
of the Company, any options, warrants or other rights to subscribe for any shares of capital stock of the Company or any security convertible
into or exchangeable for any shares of capital stock of the Company, and that its, his or her investment in the Portage Shares could be
subject to significant dilution.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3. Company Acknowledgments. </B>The Subscriber
has disclosed to the Company and the Company understands that:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>AN INVESTMENT IN THE SUBSCRIBER INVOLVES CONSIDERABLE RISKS NOT ASSOCIATED WITH OTHER INVESTMENTS, INCLUDING WITHOUT LIMITATION,
THAT THE COMPANY WILL NEED ADDITIONAL FINANCING TO OPERATE IN THE SHORT AND LONG TERM, THE COMPANY IS DEPENDENT ON MANAGEMENT AND OTHER
KEY PERSONNEL, THE COMPANY PRODUCTS ARE EARLY STAGE MEDICAL PRODUCTS, THERE IS SIGNIFICANT COMPETITION FOR THE COMPANY&rsquo;S PRODUCTS
AND SERVICES, THE COMPANY HAS LIMITED MARKETING CAPABILITIES AND RESOURCES, THE COMPANY WILL DEPEND ON INTELLECTUAL PROPERTY TO COMPETE
EFFECTIVELY, AND THE COMPANY IS DEPENDENT ON NEW PRODUCT DEVELOPMENT AND TECHNOLOGICAL ADVANCES.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There is no public market for the Compedica Shares, therefore the Company should anticipate holding the Compedica Shares purchased
hereunder for a considerable amount of time and there is no assurance that the Compedica Shares will be able to be sold in a future public
market.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Due to the absence of a public market for the Compedica Shares: (i) the Company may not be able to liquidate this investment in
the event of an unexpected need for cash; (ii) transferability of the Compedica Shares is limited, and (iii) in the event of a disposition
of the Compedica Shares, the Subscriber could sustain a loss.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company can bear the economic risk of losing its, his or her entire investment in the Compedica Shares. The Company is prepared
to bear the economic risk of this investment for an indefinite time.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has adequate means of satisfying the Company&rsquo;s short term needs for cash and has no present need for liquidity
which would require the Company to sell the Compedica Shares.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Compedica is not a registration under the Securities Act or the Securities and Exchange Act of 1934, as amended, and the Compedica
Shares have <U>not</U> been registered under the Securities Act of 1933, or state securities laws and, therefore, the Compedica Shares
cannot be resold or transferred in the United States other than in accordance with applicable securities laws.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No United States federal or state agency or governmental agency of any other jurisdiction has made any finding or determination
as to the fairness of the investment, nor have they made any recommendation or endorsement concerning the Compedica Shares. The Company
understands that the per share price is based on the last issue price of Compedica Shares by Compedica, in a private offering of its securities
but that issue price may not be an accurate representation of the current value of a share and the overall value of Compedica.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company acknowledges that it is not entitled to any preemptive rights with respect to any shares of the capital stock of Compedica,
any options, warrants or other rights to subscribe for any shares of capital stock of Compedica or any security convertible into or exchangeable
for any shares of capital stock of Compedica, and that its, his or her investment in the Compedica Shares could be subject to significant
dilution.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 4. Representations. </B>Each of the Parties
represents and warrants to the other as follows:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The party has full power and authority to enter into, deliver and perform this Subscription Agreement and to consummate the transactions
contemplated hereby. This Subscription Agreement is the valid and binding obligation of the party, enforceable against him or her in accordance
with its terms. The party has the capacity to execute and deliver this Subscription Agreement and to perform its, his or her obligations
hereunder.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The execution and delivery of this Subscription Agreement and the consummation of the transactions contemplated hereby will not
violate any provision of any agreement or contract to which the party is a party or by which it, he or she is bound or any applicable
law, ordinance, rule or regulation of any governmental body having jurisdiction over the party or any order, judgment or decree applicable
to the party.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Subscriber is acquiring the Common Stock for his or her own account for investment only and not for or with a view to resale
or distribution. The Subscriber has not entered into any contract, undertaking, agreement or arrangement with any person to sell, transfer
or pledge to such person or anyone else the Common Stock which it, he or she is subscribing to purchase and the Subscriber has no present
plans or intentions to enter into any such contract, undertaking, agreement or arrangement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The principal place of business of the party is in the location indicated in the address beneath it, his or her signature at the
end of this Subscription Agreement. Unless otherwise indicated, all communications, contacts and discussions relating to this Agreement
occurred in the location in which the Subscriber maintains his or her residence.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5. Reliance on Representations.</B> Each
of the Company and the Subscriber acknowledges and understands that the party hereto and its respective directors, officers, employees,
agents and representatives are relying upon the information, representations and agreements contained in this Subscription Agreement and
upon any other information which has been furnished by one party to the other in determining to enter into this Agreement and the suitability
of the exchange of securities as set forth herein.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6. Agreements of the Subscriber.</B> The
Subscriber hereby agrees as follows:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Common Stock acquired pursuant to this offer will not be sold or otherwise transferred: (i) without delivery to the Company
of an opinion of counsel in a form reasonably satisfactory to the Company to the effect that such proposed transfer is being made pursuant
to the registration requirements of the Securities Act or pursuant to an exemption therefrom and complies in all respects with any applicable
state securities or &ldquo;Blue Sky&rdquo; laws, or (ii) without registration under the Securities Act of 1933 and applicable state securities
or &ldquo;Blue Sky&rdquo; laws, or (ii) without registration under the Securities Act of 1933 and applicable state securities or &ldquo;Blue
Sky&rdquo; laws.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7. Agreements of the Company.</B> The Company
hereby agrees as follows:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Compedica Shares acquired pursuant to this Subscription Agreement will not be sold or otherwise transferred other than with
the written consent of Compedica.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the monthly working capital requirements of the Company (agreed with Compedica) and unless agreed otherwise by the parties
in writing, for a period of 12 months from the date of this Subscription Agreement the Company will utilize not less than 50% of net funds
received by the Company from its proposed At-The-Market funding (&ldquo;<B>ATM Funds</B>&rdquo;) and/or third party equity financing to
subscribe for new Compedica Shares at a price of $4.29 per share to support the continued development of Compedica and its products and
their commercialization. The parties shall cooperate in good faith to agree the amount of net funds received by the Company on a monthly
basis during the 12 month period and to finalise terms for equity investment by the Company in new Compedica Shares. To the extent less
than 50% of ATM Funds and/or third party equity financing are invested in Compedica by the Company in any month (the &ldquo;<B>Shortfall</B>&rdquo;),
the Shortfall amount shall be added to the obligation of the Company to fund 50% of ATM Funds and/or third party equity financing in the
next following month (and the aggregate of Shortfalls shall continue to accrue and be rolled forward for the duration of the 12 month
term, with any outstanding Shortfall amount not advanced as an equity investment at the end of the 12 month term immediately due and payable
(unless agreed otherwise in writing by Compedica)).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company agrees that within 45 days after receipt of a written request to register the Portage Shares, it will file a registration
statement with the Securities and Exchange Commission pursuant to the Securities Act providing for the registration of the Portage Shares
on a resale basis. The terms of this registration obligation will be the same as provided in that certain Registration Rights Agreement
dated January 23, 2025, that the Company issued to certain investors of even date therewith.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><B>Section 8. Observer.</B> So long as the Subscriber
owns at least 5% of the issued and outstanding ordinary shares of the Company, (i) it will have the right to send an observer to each
meeting of the board of directors of the Company and will be provided with notice of each meeting of the board of directors and provided
with a complete copy of the materials sent to the members of the board of directors, and (ii) it will be provided with a copy of each
proposed board of director written consent together with any accompanying materials thereto. Notwithstanding the obligation to provide
the meeting and consent materials, if any of the board materials contain confidential information or securities sensitive market information
about the Company, these may be excluded from such board and consent materials so long as there is a sufficient notation of the kind and
scope of materials so excluded, and the Subscriber is offering the opportunity to enter into a non-disclosure agreement so as to obtain
a copy of the excluded materials. Additionally, the board of directors may request that any observer be excluded from all or a portion
of the board deliberations as may be required by applicable law, regulations of Nasdaq, or so as to proceed with deliberation of confidential
and securities market sensitive information. Under the same conditions as stated herein, the Subscriber shall have the right to request
to be an observer of any committee of the board of directors. It is not the obligation of the Subscriber to send an observer to any meeting
of the board of directors or a committee thereof and at any time the observer may excuse him &ndash; her self and/or ask that all or specific
board and consent materials be withheld from the Subscriber for a specific meeting or consent or for a category of information for a specified
time period.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9. Indemnification. </B>The Subscriber agrees
to indemnify and hold harmless the Company and each director, officer, employee, agent or representative thereof from and against any
and all loss, damage or liability and all related costs and expenses (including, but not limited to, reasonable attorney&rsquo;s fees
and costs of investigation) due to or arising out of a breach of any covenant, representation or warranty made by the Subscriber in this
Subscription Agreement. The Company agrees to indemnify and hold harmless the Subscriber and each director, officer, employee, agent or
representative thereof from and against any and all loss, damage or liability and all related costs and expenses (including, but not limited
to, reasonable attorney&rsquo;s fees and costs of investigation) due to or arising out of a breach of any covenant, representation or
warranty made by the Company in this Subscription Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 10. Miscellaneous.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company hereby agrees to reimburse all properly incurred legal and other professional expenses of the Company in relation to
the negotiation and execution of this Subscription Agreement up to a maximum of $50,000 (plus applicable taxes incurred by the Subscriber).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All notices and other communications given or made hereunder shall be in writing and shall be deemed effectively given: (i) upon
personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business
hours of the recipient, and if not so confirmed, then on the next business day, (iii) five (5) days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (iv) one (1) business day after the business day of deposit with a nationally
recognized overnight courier, specifying next business day delivery, with written verification of receipt.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding the place where this Subscription Agreement may be executed by any of the parties hereto, the parties expressly
agree that all the terms and provisions hereof, and all matters arising directly or indirectly herefrom, shall be governed by, and construed
in accordance with, the laws of the state of Delaware without regard to the choice of law principles thereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Subscription Agreement and exhibits hereto constitutes the entire agreement between the parties hereto with respect to the
subject matter hereof and may be amended only by a writing executed by all parties.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Whenever required by the context hereof, the singular shall include the plural, and vice-versa; the masculine shall include the
feminine and neuter genders, and vice-versa; and the word &ldquo;person&rdquo; shall include an individual, corporation, partnership,
trust, estate or other entity.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 11. Subscription. </B>The Subscriber shall
deliver the Compedica Shares as soon as possible after the signing of this Agreement, which may be either a share certificate or direct
registration statement or similar evidence of the ownership interest in Compedica. The Company shall deliver the Portage Shares as soon
as possible after the signing of this Agreement, which may be either a share certificate or direct registration statement or similar evidence
of the ownership interest in the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: justify; margin: 0pt 0">THE SECURITIES AND EXCHANGE
COMMISSION HAS NOT AND DOES NOT PASS UPON THE MERITS OF THE PORTAGE SHARES NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING
MATERIALS OF THE COMPANY. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: justify; margin: 0pt 0">EACH PARTY HERETO HAS CONSULTED
ITS, HIS OR HER OWN LEGAL COUNSEL, ACCOUNTANT AND BUSINESS AND FINANCIAL ADVISERS, AS IT HAS DETERMINED, AS TO ALL LEGAL, TAX AND RELATED
MATTERS CONCERNING THE TERMS OF THIS AGREEMENT AND THE CONSEQUENCES THEREOF.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; text-transform: uppercase; text-align: justify; margin: 0pt 0"><FONT STYLE="font-weight: normal">T<FONT STYLE="text-transform: none">his
Subscription Agreement is dated as of the date first written above.</FONT></FONT></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; text-transform: uppercase; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><I>[Signature Page Follows]</I></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>PORTAGE BIOTECH, INC.</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By: </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">/s/ Alexander Pickett</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name: Alexander Pickett</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title: Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>Compedica Holdings Limited</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">/s/ Denham Eke</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name: Denham Eke</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title: Chief Financial Officer</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 3in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0"><I>[Signature Page to Portage Biotech, Inc. Subscription
Agreement]</I></P>



<P STYLE="margin: 0">&nbsp;</P>


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<p style="text-align: right;"><STRONG>EXHIBIT 99.1</STRONG></P><P STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><STRONG>Portage Biotech and Compedica Stock-for-Stock Exchange</STRONG></FONT></P><P STYLE="text-align: center"><STRONG></STRONG></P><P>
 <P ALIGN="JUSTIFY">DOVER, Del., June  09, 2025  (GLOBE NEWSWIRE) -- Portage Biotech Inc. (NASDAQ: PRTG), a clinical-stage immuno-oncology company formed under the laws of the British Virgin Islands (&#8220;Portage&#8221;) announce that on June 5, 2025 Portage and Compedica Holdings Limited, a company formed under the laws of the Isle of Man (&#8220;Compedica&#8221;) entered a mutual Subscription Agreement (&#8220;Subscription Agreement&#8221;).</P>  <P ALIGN="JUSTIFY">Pursuant to the Subscription Agreement, Portage issued 625,000 ordinary shares at a per share price of $8.00 in exchange for 1,165,501 shares of Compedica with a value of $4.29 per share, in a transaction valued at $5,000,000. After the transaction, Compedica will own 27.4% of the issued and outstanding ordinary shares of Portage. The Portage ordinary shares were sold pursuant to an exemption under the Securities Act of 1933, as amended, under Regulation S, and were issued as &#8220;restricted stock.&#8221;</P>  <P ALIGN="JUSTIFY">Under the terms of the agreement, if Portage enters into an equity funding arrangement, subject to the working capital requirements of Portage and unless agreed otherwise by the parties in writing, Portage will use not less than 50% of net funds received to subscribe for new Compedica equity at a price of $4.29 per share, the intended use of proceeds to be to support the continued development of the Compedica device and its commercialization.</P>  <P ALIGN="JUSTIFY">Jamie Gibson, Chief Executive Officer of Compedica, said <EM>&#8220;The subscription by Portage for shares in Compedica, together with the funding commitment, provides Compedica with additional support. Compedica expects to publish the results of its randomized clinical trial in Q4 2025 whilst it continues its scale-up ahead of the launch of first commercial sales, expected to be in the first half of 2026. The diabetic foot ulcer (DFU) market is worth over $4 billion in the US alone, and the OptiPulse medical device has the potential to be the gold standard for the treatment of DFUs as the trial is expected to show that the device improves the outcome for patients and reduces costs for insurers. Working with Portage, we now have the platform to reach a wider investment audience and introduce the OptiPulse active therapy system as we focus on commercializing the device in North America in 2026.&#8221;</EM></P>  <P ALIGN="JUSTIFY">Alexander Pickett, Director and Chief Executive Officer of Portage, said, <EM>&#8220;Diabetic foot ulcers afflict approximately 18.6 million people worldwide and have a five-year mortality rate of approximately 30%, comparable to a cancer diagnosis.&#160;Compedica has developed a novel approach to reduce the burden of care and improve outcomes in this area of intense unmet medical need.&#8221; </EM>(JAMA https://pubmed.ncbi.nlm.nih.gov/37395769/)</P>  <P ALIGN="JUSTIFY">Justin Stebbing, a Non-Executive Director of Portage, and a member of the Independent Committee that approved the transaction, further commented,<EM> &#8220;We are delighted to complete this strategic alliance with Compedica. We have been in discussions with Compedica for some months, figuring out a structure whereby we can support the business as it scales-up its North American operations. Hopefully, this transaction is the first step in what will be a successful partnership. We look forward to working with Jamie and his team and making further announcements regarding the business over the next 6-12 months as the business enters a critical period in its growth, with the results of its randomized clinical trial the first milestone on the horizon, expected to be published in the last quarter of the 2025 calendar year.&#8221;</EM></P>  <P ALIGN="JUSTIFY"><STRONG>Additional information about the Subscription Agreement</STRONG><BR />Compedica was granted registration rights on a resale basis, upon demand. Compedica is not subject to any lock-up arrangement. Compedica was also granted the right to have an observer attend board meetings and review written consents of the board of directors, subject to restrictions on being given confidential or market-sensitive information without a non-disclosure obligation with respect to such information. There are no broker fees in connection with the transaction.</P>  <P ALIGN="JUSTIFY"><STRONG>About Portage Biotech</STRONG><BR />Portage Biotech is a clinical-stage immuno-oncology company advancing a pipeline of novel biologics to transform the immune system&#8217;s ability to fight cancer. For more information, visit <STRONG>www.portagebiotech.com</STRONG>.</P>  <P ALIGN="JUSTIFY"><STRONG>About Compedica</STRONG><BR />Compedica is a medical device technology company dedicated to developing innovative product solutions that harness the healing power of blood flow to help healthcare professionals prevent and treat Diabetic Foot Ulcers (DFUs) through its OptiPulse active therapy system. For more information, visit <STRONG>www.compedica.com.</STRONG></P>  <P ALIGN="JUSTIFY"><STRONG>Forward-Looking Statements</STRONG><BR />All statements in this news release, other than statements of historical facts, including without limitation, statements regarding the Company&#8217;s business strategy, plans and objectives of management for future operations and those statements preceded by, followed by or that otherwise include the words &#8220;believe,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221; &#8220;estimates,&#8221; &#8220;will,&#8221; &#8220;may,&#8221; &#8220;plans,&#8221; &#8220;potential,&#8221; &#8220;continues,&#8221; or similar expressions or variations on such expressions are forward-looking statements. As a result, forward-looking statements are subject to certain risks and uncertainties, including, but not limited to: the risk that the Company may not secure financing, the uncertainty of the Company&#8217;s ability to continue as a going concern, scientific results may not be as expected, and other factors set forth in &#8220;Item 3 - Key Information-Risk Factors&#8221; in the Company&#8217;s Annual Report on Form 20-F for the year ended March 31, 2024 and &#8220;Business Environment &#8211; Risk Factors&#8221; in the Company&#8217;s Management&#8217;s Discussion and Analysis for the Three and Six Months ended September 30, 2024, filed as Exhibit 99.2 to the Company&#8217;s Form 6-K. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.</P>  <P><STRONG>For More Information:</STRONG><BR />Portage Biotech<BR />Alexander Pickett, Chief Executive Officer<BR />ir@portagebiotech.com</p>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
