TORONTO, ONTARIO--(Marketwire - July 15, 2011) - Bradmer Pharmaceuticals Inc. (TSX VENTURE:BMR.H) announced today that P1 Energy Corp. and Bradmer have mutually agreed to terminate the letter of intent between the parties relating to a proposed reverse take-over transaction. In connection with the termination of the letter of intent, P1 Energy agreed to pay the costs and expenses incurred by Bradmer in pursuing the transaction. The proposed transaction was initially announced by Bradmer on February 10, 2011 and trading of the common shares of Bradmer has been halted since that date. It is anticipated that the common shares of Bradmer will resume trading on the NEX Board of the TSX Venture Exchange on July 19, 2011.
The directors and officers of Bradmer intend to seek out new opportunities considered to be in the best interests of Bradmer and its shareholders.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.