PORTAGE ANNOUNCES FILING OF Q1 INTERIM FINANCIAL STATEMENTS;
CORRECTION TO SALVARX LOAN NOTE SETTLEMENT ANNOUNCEMENT

On October 16, 2020 Portage Biotech Inc. (CSE: PBT.U, OTC Markets: PTGEF) ("Portage" or the "Company") reported that the Company has filed its interim financial statements and related management’s discussion and analysis for the three-month period ending June 30, 2020 and related delivery requirements (the "Q1 Filings").

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Previously on August 28, 2020, Portage announced that pursuant to blanket relief granted by the Canadian Securities Administrators, it would not file the Q1 Filings by the filing deadline of August 31, 2020.

The Company relied on an exemption set out in Ontario Instrument 51-505: Temporary Exemption from Certain Corporate Finance Requirements and similar extension periods provided for by the Canadian Securities Administrators in the other provinces and territories of Canada which provides blanket relief of a 45-day extension provided for periodic filings normally required to be made by issuers during the period from June 2, 2020 to August 31, 2020.

This announcement serves as confirmation that Portage has filed the Annual Filings before the extension deadline required by the Canadian Securities Administrators. The Company is now current on its continuous disclosure.

Also, further to the Company’s news release of October 13, 2020 regarding issuance of common shares and warrants in settlement of certain SalvaRx loan note obligations, the Company has issued 397,604 (corrected from 375,014) common shares at a deemed price of US$6.64 per common share and 49,701 (corrected from 72,291) common share purchase warrants exercisable at a price of $6.64 per common share for a period of 2 years. This correction has been issued as a result of a late notification received by the Company from an arm’s length loan note holder.