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BONTAN
CORPORATION INC.
NEWS
RELEASE:
BONTAN
CORPORATION INC. CHANGES THE TERSM OF PREVIOUSLY ANNOUNCED PRIVATE
PLACEMENT
TORONTO, ON – December 23,
2008: Bontan Corporation Inc. (OTCBB: BNTNF) announced on
December 16, 2008 a private placement to raise up to US$700,000 by issuing up to
10 million common shares at US$0.07 each.
On
December 22, 2008, the Board of Directors of Bontan approved the following
changes in the terms of the private placement:
|
1.
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The
maximum amount to be raised is revised down to
US$500,000.
|
|
2.
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The
amount will be raised by issuing up to 10 million Units at US$0.05
each.
|
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3.
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Each
Unit to comprise one common share of Bontan Corporation Inc. and one
warrant.
|
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4.
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Each
warrant is exercisable within two years of the closing date at an exercise
price of US$0.10 each to convert into equal number of Common Shares of
Bontan Corporation Inc.
|
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5.
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Minimum
subscription amount acceptable will be
US$50,000.
|
The Units
will be restricted as per regulatory requirements.
The
Private Placement will be offered to the participants of our 2006 private
placement and other selected accredited investors and is expected to
close earlier of the date on which all the proposed Units are fully subscribed
and paid for or January 5, 2009. The proceeds, net of finders’ fee at 10%
payable to Current Capital Corp., will be used for working capital and for
acquisitions.
For
further information, please contact Kam Shah, CEO and CFO, at
416-929-1806.
For Media
Relations, contact John Robinson at Current Capital Corp. at 416-860-0211 or
1-877-859-5200.