TORONTO, Feb. 6, 2013 /PRNewswire/ – Bontan Corporation Inc. (‘the Company”)
(OTCBB: BNTNF) (“Bontan”) is pleased to announce that it has agreed to
the general terms of a letter of intent with the principals of a
Biotech Corporation under which the said Corporation will be acquired
through an exchange of shares.

The management of Bontan and the principals of the Biotech Corporation
are now working to finalize the letter of intent and close the proposed
transaction.

Due to confidentiality and legal reasons, we are unable to provide
further details at this stage but expect to do so in due course.

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.