Last updated on April 24, 2014 at 14:17 EDT

Bontan receives escrowed funds

January 17, 2013

TORONTO, Jan. 17, 2013 /PRNewswire/ – Bontan Corporation Inc. (‘the Company”)
(OTCBB: BNTNF) (“Bontan”) is pleased to inform that the Israeli Tax
Authority (“ITA”) approved the release of approximately US$1.6 million
to Bontan, which have been held in an escrow account in Israel pending
ITA clearance. These funds were part of a settlement agreement with the
IPC Parties as detailed in our press release of July 2, 2012.

Further to our announcement on December 12, 2012, the company is
currently engaged in confidential negotiations to potentially acquire a
biotech company. Further updates will be provided shortly.

About Bontan Corporation Inc:

Bontan Corporation Inc. recently concluded a settlement on its indirect
oil and gas interest in Israel and now seeks business opportunities in
the biotech sector.

Forward-Looking Statements

This news release includes forward-looking statements within the meaning
of the U.S. federal and Canadian securities laws.  Any such statements
reflect Bontan’s current views and assumptions about future events and
financial performance.  Bontan cannot assure that future events or
performance will occur. Important risks and factors that could cause
actual results or events to differ materially from those indicated in
our forward-looking statements.

Bontan assumes no obligation and expressly disclaims any duty to update
the information in this News Release.

SOURCE Bontan Corporation Inc.

Source: PR Newswire