Bradmer Pharmaceuticals Inc.
TSX : BMR

Bradmer Pharmaceuticals Inc.

March 26, 2010 18:28 ET

Bradmer Completes Previously Announced Private Placement

TORONTO, ONTARIO--(Marketwire - March 26, 2010) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

Bradmer Pharmaceuticals Inc. (TSX:BMR) ("Bradmer" or the "Corporation") announced today that it has issued and sold, on a private placement basis, an aggregate of 8,369,947 common shares, at a price of $0.095 per share, for aggregate gross proceeds to the Corporation of approximately $795,000 (the "Offering").

The proceeds of the Offering will be used primarily for working capital and general corporate purposes. Completion of the financing is subject to the final approval of the Toronto Stock Exchange. The common shares issued pursuant to the Offering will be subject to a hold period expiring four months and one day after the closing date of the Offering.

In connection with the Offering, Wildlaw Capital Markets Inc. received a cash commission equal to 5% of the gross proceeds of the Offering and warrants exercisable to acquire that number of common shares as is equal to 5% of the aggregate number of common shares sold under the Offering, at a price of $0.095 per share, for a period of 24 months following the closing date of the Offering.

The common shares of Bradmer will be delisted from the Toronto Stock Exchange as of the close of business on Friday, March 26, 2010, and will be listed on the NEX Board of the TSX Venture Exchange as of Monday, March 29, 2010.

The common shares offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Bradmer further announces today that two of its directors, Mark C. Rogers and Donald Kufe, have resigned from the Board of Directors of the Corporation. The Corporation wishes to extend its great appreciation for the efforts and contribution made by Drs. Rogers and Kufe over the period that they have been associated with Bradmer.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding the proposed use of proceeds of the Offering. Actual developments may differ materially from those contemplated by these statements depending upon, among other things, decisions made by securities regulators or stock exchanges. The forward-looking statements contained in this press release represent the Corporation's views and expectations as of the date of this release and should not be relied upon as representing its views and expectations at any subsequent date.

Contact Information

  • Bradmer Pharmaceuticals Inc.
    Dr. Alan Ezrin
    President and Chief Executive Officer
    (305) 321-4333