Portage Biotech Inc. announced that it has entered into a securities purchase agreement with institutional and accredited investor to issue Series A 3,157,895 warrants, Series B 3,157,895 warrants and Series C 3,157,895 warrants, together 9,473,685 warrants for the gross proceeds of $5,300,000 on September 29, 2023. Pursuant to the terms of the Purchase Agreement, for each ordinary share and Pre-Funded Warrant issued in the Registered Direct Offering, an accompanying Series A Warrant, Series B Warrant and Series C Warrant were issued to such institutional and accredited investor. Each Series A Warrant is exercisable for one Private Warrant Share at an exercise price of $ 1.90 per share, is immediately exercisable and will expire 18 months from the date of issuance.

Each Series B Warrant is exercisable for one Private Warrant Share at an exercise price of $ 2.26 per share, is immediately exercisable and will expire three years from the date of issuance. Each Series C Warrant is exercisable for one Private Warrant Share at an exercise price of $ 2.26 per share, is immediately exercisable and will expire five years from the date of issuance. The net proceeds to the Company from the Offerings were approximately $ 5,300,000 after deducting placement agent?s fees and estimated offering expenses.

The transaction is expected to close on October 3, 2023.