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BONTAN
CORPORATION INC.
NEWS
RELEASE:
BONTAN
ANNOUNCES CHANGES IN THE TERMS OF ITS OUTSTANDING STOCK OPTIONS
TORONTO,
ON – January 27, 2009:, Bontan Corporation Inc. (OTCBB: BNTNF) (“Bontan” or “the
Company”) today announced that the Board of Directors of the Company (“the
Board”) approved on December 12, 2008 changes in the terms of 4,825,000 Stock
Options issued and outstanding under various Stock Option Plans. These Options
were to expire between May 2009 and March 2013 and were to be exercised at
exercise prices ranging from US$0.35 to US$1.00, average being
US$0.48.
The Board
has approved the following changes to the terms of these Options:
1. The
expiry period is extended by one year from the current expiry date.
2. The
exercise price is reduced to US$0.15 per Option.
Bontan
currently has 29,820,743 Common shares issued and outstanding.
About
Bontan Corporation Inc.
Bontan
Corporation Inc. (“the Company”) has recently been involved in oil and gas
exploration business. It has now expanded its search for a suitable business
opportunity in all sectors.
The
Company focuses on projects where the other project partners have proven
experience in handling the project successfully and profitably.
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.
No
regulatory authority has approved nor disapproved the content of this
release. This
press release contains forward-looking statements as defined in US federal and
Canadian securities laws (“the laws”). In particular, when used in
the preceding discussion, the words "plans", "confident that", "believe",
"expect", or "intend to", and similar conditional expressions are intended to
identify forward-looking statements within the meaning of the laws and are
subject to the safe harbor created by the laws. Such statements are subject to
certain risks and uncertainties and actual results could differ materially from
those expressed in any of the forward-looking statements. We
currently have no reserves as defined in Canadian National Instrument 51-101
Standards of Disclosure for Oil and Gas Activities. All information contained
herein regarding resources are references to undiscovered resources under
Canadian National Instrument 51-101, whether stated or
not.