Bradmer Pharmaceuticals Inc.
TSX VENTURE : BMR.P

Bradmer Pharmaceuticals Inc.

September 22, 2005 17:31 ET

Bradmer Pharmaceuticals Inc. Completes Initial Public Offering

TORONTO, ONTARIO--(CCNMatthews - Sept. 22, 2005) - Bradmer Pharmaceuticals Inc. (TSX VENTURE:BMR.P) is pleased to announce that it has completed an initial public offering in Alberta and Ontario of 2,500,000 common shares at a price of $0.20 per share for gross proceeds of $500,000. Following the closing of the offering, a total of 7,500,000 common shares of Bradmer Pharmaceuticals were issued and outstanding, of which 5,000,000 are currently held in escrow pursuant to the policies of the TSX Venture Exchange.

The net proceeds of the offering, together with the proceeds from prior sales of common shares, will be used by Bradmer Pharmaceuticals to identify and evaluate assets or businesses for acquisition with a view to completing a "Qualifying Transaction" under the capital pool company program of the TSX Venture Exchange.

Raymond James Ltd. and Canaccord Capital Corporation acted as agents for the initial public offering. In connection with the offering, Bradmer Pharmaceuticals granted to the agents non-transferable options to acquire up to an aggregate of 250,000 common shares. The agents' options may be exercised any time prior to the date that is 24 months following the date that the common shares are listed on the TSX Venture Exchange. In connection with the offering, the agents also received a commission equal to 10% of the aggregate gross proceeds of the sale of the common shares.

At the closing of the offering, Bradmer Pharmaceuticals also granted stock options to directors, officers and consultants exercisable to acquire up to an aggregate of 750,000 common shares. The options may be exercised any time prior to September 22, 2010 at a price of $0.20 per share.

The current directors and officers of Bradmer Pharmaceuticals are: Dr. Mark C. Rogers, President, Chief Executive Officer; Chief Financial Officer and Director; Douglas G. Janzen, Director; and Perry N. Dellelce, Director.

It is anticipated that the common shares of Bradmer Pharmaceuticals will commence trading on the TSX Venture Exchange on or about Thursday, September 29, 2005 under the stock symbol "BMR.P".

For further information please see the Prospectus of Bradmer Pharmaceuticals dated August 17, 2005 filed on SEDAR.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Bradmer Pharmaceuticals Inc.
    Dr. Mark C. Rogers
    (416) 361-3121