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<TITLE>As filed with the Securities and Exchange Commission on December 12, 2007</TITLE>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>As filed with the Securities and Exchange Commission on December 12, 2007</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>Registration No. 333- </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>UNITED STATES</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>WASHINGTON, D.C. &nbsp;20549</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>FORM S-8</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>REGISTRATION STATEMENT</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>UNDER THE SECURITIES ACT OF 1933</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B>BONTAN CORPORATION INC<SMALL>.</SMALL></B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>(Exact name of Registrant as Specified in its Charter)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:72pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify><B>PROVINCE OF ONTARIO, CANADA</B></P>
<P style="margin:0pt; text-indent:360pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>&nbsp;<B>NOT APPLICABLE</B></P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:72pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State of Incorporation)</P>
<P style="margin:0pt; text-indent:324pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(I.R.S. Employer Identification Number)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=center><BR></P>
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<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>47 AVENUE ROAD, SUITE 200, TORONTO, ONTARIO, CANADA M5R 2G3</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>&nbsp;(Address of principal executive offices) (Zip code)</P>
<P style="margin:0pt; text-indent:144pt; font-family:Times New Roman; font-size:9pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; font-family:Times New Roman; font-size:9pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>2007 CONSULTANT STOCK COMPENSATION PLAN</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>(Full Title of the Plan)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=center><BR></P>
<A NAME="OLE_LINK1"></A><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>Messerli &amp; Kramer P.A.</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>1800 Fifth Street Towers</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>150 South Fifth Street</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>Minneapolis, Minnesota &nbsp;55419</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>612-672-3600</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>(Name, address and telephone number of agent for service)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>CALCULATION OF REGISTRATION FEE</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=191.2><P style="margin:0pt; font-family:Arial">Name of the plan</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=92.8><P style="margin:0pt; font-family:Arial" align=center>Title of securities to be registered</P>
</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=85.6><P style="margin:0pt; font-family:Arial" align=center>Amount to be registered</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=7.2>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=92.8><P style="margin:0pt; font-family:Arial" align=center>Proposed maximum offering price per share</P>
</TD><TD valign=bottom width=7.2>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=92.8><P style="margin:0pt; font-family:Arial" align=center>Proposed maximum aggregate Offering Price</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=24><P style="margin:0pt; font-family:Arial">(2)</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=103.2><P style="margin:0pt; font-family:Arial" align=center>Amount of Registration Fee</P>
</TD></TR>
<TR><TD valign=bottom width=191.2>&nbsp;</TD><TD valign=bottom width=92.8>&nbsp;</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=bottom width=85.6>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=7.2>&nbsp;</TD><TD valign=bottom width=92.8>&nbsp;</TD><TD valign=bottom width=7.2>&nbsp;</TD><TD valign=bottom width=92.8>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=103.2>&nbsp;</TD></TR>
<TR><TD valign=bottom width=191.2><P style="margin:0pt; font-family:Arial">2007 Consultant Stock Compensation Plan</P>
</TD><TD valign=bottom width=92.8><P style="margin:0pt; font-family:Arial" align=center>Common stock no par value</P>
</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=bottom width=85.6><P style="margin:0pt; font-family:Arial" align=right>1,000,000&nbsp;</P>
</TD><TD valign=bottom width=28.8><P style="margin:0pt; font-family:Arial">&nbsp;(1)</P>
</TD><TD valign=bottom width=7.2>&nbsp;</TD><TD valign=bottom width=92.8><P style="margin:0pt; font-family:Arial" align=right>$0.21&nbsp;</P>
</TD><TD valign=bottom width=7.2>&nbsp;</TD><TD valign=bottom width=92.8><P style="margin:0pt; font-family:Arial" align=center>$210,000.00&nbsp;</P>
</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=103.2><P style="margin:0pt; font-family:Arial" align=right>$6.45&nbsp;</P>
</TD></TR>
</TABLE>
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<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(1)</P>
<P style="margin:0pt; text-indent:36pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>This Registration Statement also covers any additional shares of Common Stock which become issuable under the 2007 Consultant Stock Compensation Plan by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of the outstanding shares of Registrant's Common Stock. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(2)</P>
<P style="margin:0pt; text-indent:36pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Calculated solely for purposes of this offering under Rule 457(h) and Rule 457(c) of the Securities Act of 1933, as amended, based on the closing price of Registrant's Common Stock as listed on the OTC Bulletin Board on November 26, 2007.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=justify><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:9pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>INFORMATION REQUIRED PURSUANT TO GENERAL INSTRUCTION E TO FORM S-8</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=center><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>This Registration Statement is being filed for the purpose of registering an additional 1,000,000 shares of Common Stock of Bontan Corporation Inc. &nbsp;(the &quot;Registrant&quot;) issuable pursuant to the Registrant's 2007 Consultant Stock Compensation Plan. &nbsp;The Registrant&#146;s Registration Statement on Form S-8 filed with the Securities and Exchange Commission on January 16, 2007 (Registration No. 333-139995) is incorporated herein by reference and made a part hereof.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>PART II</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 3. &nbsp;Incorporation of Documents by Reference</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The following documents filed by the Registrant with the Securities and Exchange Commission are hereby incorporated by reference in this Registration Statement: </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(a)</P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Registrant's Annual Report on Form 20-F for its fiscal year ended March 31, 2007 filed May 29, 2007;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:4.6pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Registrant's current reports on Form 6-K filed on May 30, 2007, August 29, 2007, September 12, 2007 and September 18, 2007; </P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:4.6pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The description of Registrant's Common Stock contained in Registrant's Registration Statement on Form 20-F, as amended, as filed on August 1, 2000.</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:9pt" align=justify><BIG>All documents subsequently filed by the Registrant under Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 prior to the filing of a post-effective amendment which states that all securities offered have been sold or which deregisters all securities then remaining unsold will be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the respective filing dates of those documents. &nbsp;Any statement in a document incorporated or deemed to be incorporated by reference herein will be deemed to be modified or superceded to the extent that a statement contained herein or in any subsequently filed document that is or is deemed to be incorporated by reference modifies or supercedes the statement. &nbsp;Any statement so modified or superceded will not be deemed, except as modified or superceded, to be a part of this Registration Statement.</BIG></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 8. &nbsp;Exhibits.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Exhibit No.</U></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Description </U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>5.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Opinion of Messerli &amp; Kramer P.A.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>1.1</P>
<P style="margin:0pt; padding-left:36pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Consent of Messerli &amp; Kramer P.A. (included in Exhibit 5.1).</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>23.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Consent of Schwartz Levitsky Feldman LLP, Chartered Accountants.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>24.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Power of Attorney (included on signature page).</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>SIGNATURES</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Toronto, Province of Ontario, Canada, on December 12, 2007.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<B><P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">BONTAN CORPORATION INC.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>By:<U> /s/ Kam Shah</U>_________________________</P>
<P style="margin:0pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Kam Shah</P>
<P style="margin:0pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Chief Executive Officer and Chief Financial Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>POWER OF ATTORNEY</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Kam Shah as the undersigned's true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><U>SIGNATURE</U></B></P>
<U><P style="margin-top:0pt; margin-bottom:-13pt; text-indent:211.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify></U><B><U>TITLE</U></B></P>
<B><U><P style="margin:0pt; text-indent:504pt; font-family:Times New Roman; font-size:11pt" align=justify><BR>
<BR></U></B></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">___<U>/s/ Kam Shah</U>________________</P>
<P style="margin:0pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer, Chief Financial Officer, and Director</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Kam Shah</P>
<P style="margin:0pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer and Principal Financial and Accounting Officer)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Date:</P>
<P style="margin:0pt; text-indent:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>December 12, 2007</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>___<U>/s/ Dean Bradley</U>______________</P>
<P style="margin:0pt; text-indent:210pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Director</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Dean Bradley</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Date:</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;December 12, 2007</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:210pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>__<U>/s/ Brett Rees</U>__________________</P>
<P style="margin:0pt; text-indent:210pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Director</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Brett Rees</P>
<P style="margin:0pt; text-indent:210pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Date:</P>
<P style="margin:0pt; text-indent:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>December 12, 2007</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>EXHIBIT 5.1</B></P>
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<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">December 12, 2007</P>
<P style="margin-top:0pt; margin-bottom:11pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Bontan Corporation Inc.<BR>
47 Avenue Road, Suite 200<BR>
Toronto, Ontario, Canada M5R 2G3</P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:&nbsp;&nbsp;&nbsp;Registration Statement on Form S-8</P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Ladies and Gentlemen:</P>
<P style="margin-top:0pt; margin-bottom:4.6pt; text-indent:27pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>You have requested our opinion as your special U.S. securities counsel with respect to certain matters in connection with the filing by Bontan Corporation Inc. (the &quot;Company&quot;) of the Registration Statement on Form S-8 (the &quot;Registration Statement&quot;) with the Securities and Exchange Commission covering the sale of up to 1,000,000 shares of the Company's common stock (the &quot;Common Stock&quot;) for possible issuance under the Company's 2007 Consultant Stock Compensation Plan (the &quot;Plan&quot;).</P>
<P style="margin-top:0pt; margin-bottom:4.6pt; text-indent:27pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In connection with this opinion, we have examined the Registration Statement and such other documents, records, certificates, memoranda and other instruments, as we deem necessary as a basis for this opinion. &nbsp;We have assumed the genuineness and authenticity of all documents submitted to us as originals, the conformity to originals of all documents submitted to us as copies thereof and execution and delivery of all documents, where execution and delivery are a prerequisite to the effectiveness thereof. </P>
<P style="margin-top:0pt; margin-bottom:4.6pt; text-indent:27pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We advise you that we are licensed to practice in Minnesota. &nbsp;Accordingly, our opinion assumes that the provincial laws of Ontario and the federal laws of Canada would yield the same opinion as application of the laws of the State of Minnesota and the federal laws of the United States.</P>
<P style="margin-top:0pt; margin-bottom:4.6pt; text-indent:27pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On the basis of the foregoing, and in reliance thereon, we are of the opinion that the Common Stock, when issued in accordance with the Plans and the Registration Statement, will be validly issued, fully paid and nonassessable. </P>
<P style="margin-top:0pt; margin-bottom:4.6pt; text-indent:27pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We consent to the filing of this opinion as an exhibit to the Registration Statement.</P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Very truly yours,</P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Messerli &amp; Kramer P.A.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">/s/ Messerli &amp; Kramer P.A.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>EXHIBIT 23.2</B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>BONTAN CORPORATION INC</B></P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated April 27, 2007 relating to the consolidated financial statements of <A NAME="OLE_LINK6"></A>Bontan Corporation Inc. appearing in the Company's Annual Report on Form 20-F for the year ended March 31, 2007. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Schwartz Levitsky Feldman LLP</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">/s/ Schwartz Levitsky Feldman LLP</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Toronto, Ontario Canada &nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">December 12, 2007</P>
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{"company-data": {"conformed-name": "BONTAN CORP INC", "cik": "0001095435", "assigned-sic": "1311", "irs-number": "000000000", "state-of-incorporation": "A6", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-148004", "film-number": "071301133"}, "business-address": {"street1": "47 AVENUE ROAD", "street2": "SUITE 200", "city": "TORONTO", "state": "A6", "zip": "M5R 2G3", "phone": "416-929-1806"}, "mail-address": {"street1": "47 AVENUE ROAD", "street2": "SUITE 200", "city": "TORONTO", "state": "A6", "zip": "M5R 2G3"}, "former-company": {"former-conformed-name": "DEALCHECK COM INC", "date-changed": "19990921"}}
As filed with the Securities and Exchange Commission on December 12, 2007
As filed with the Securities and Exchange Commission on December 12, 2007
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
BONTAN CORPORATION INC
.
(Exact name of Registrant as Specified in its Charter)
PROVINCE OF ONTARIO, CANADA
NOT APPLICABLE
(State of Incorporation)
(I.R.S. Employer Identification Number)
47 AVENUE ROAD, SUITE 200, TORONTO, ONTARIO, CANADA M5R 2G3
(Address of principal executive offices) (Zip code)
2007 CONSULTANT STOCK COMPENSATION PLAN
(Full Title of the Plan)
Messerli & Kramer P.A.
1800 Fifth Street Towers
150 South Fifth Street
Minneapolis, Minnesota  55419
612-672-3600
(Name, address and telephone number of agent for service)
CALCULATION OF REGISTRATION FEE
Name of the plan
Title of securities to be registered
Amount to be registered
Proposed maximum offering price per share
Proposed maximum aggregate Offering Price
(2)
Amount of Registration Fee
2007 Consultant Stock Compensation Plan
Common stock no par value
1,000,000
(1)
$0.21
$210,000.00
$6.45
(1)
This Registration Statement also covers any additional shares of Common Stock which become issuable under the 2007 Consultant Stock Compensation Plan by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of the outstanding shares of Registrant's Common Stock.
(2)
Calculated solely for purposes of this offering under Rule 457(h) and Rule 457(c) of the Securities Act of 1933, as amended, based on the closing price of Registrant's Common Stock as listed on the OTC Bulletin Board on November 26, 2007.
INFORMATION REQUIRED PURSUANT TO GENERAL INSTRUCTION E TO FORM S-8
This Registration Statement is being filed for the purpose of registering an additional 1,000,000 shares of Common Stock of Bontan Corporation Inc.  (the "Registrant") issuable pursuant to the Registrant's 2007 Consultant Stock Compensation Plan.  The Registrant's Registration Statement on Form S-8 filed with the Securities and Exchange Commission on January 16, 2007 (Registration No. 333-139995) is incorporated herein by reference and made a part hereof.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.  Incorporation of Documents by Reference
The following documents filed by the Registrant with the Securities and Exchange Commission are hereby incorporated by reference in this Registration Statement:
(a)
The Registrant's Annual Report on Form 20-F for its fiscal year ended March 31, 2007 filed May 29, 2007;
(b)
The Registrant's current reports on Form 6-K filed on May 30, 2007, August 29, 2007, September 12, 2007 and September 18, 2007;
(c)
The description of Registrant's Common Stock contained in Registrant's Registration Statement on Form 20-F, as amended, as filed on August 1, 2000.
All documents subsequently filed by the Registrant under Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 prior to the filing of a post-effective amendment which states that all securities offered have been sold or which deregisters all securities then remaining unsold will be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the respective filing dates of those documents.  Any statement in a document incorporated or deemed to be incorporated by reference herein will be deemed to be modified or superceded to the extent that a statement contained herein or in any subsequently filed document that is or is deemed to be incorporated by reference modifies or supercedes the statement.  Any statement so modified or superceded will not be deemed, except as modified or superceded, to be a part of this Registration Statement.
Item 8.  Exhibits.
Exhibit No.
Description
5.1
Opinion of Messerli & Kramer P.A.
1.1
Consent of Messerli & Kramer P.A. (included in Exhibit 5.1).
23.2
Consent of Schwartz Levitsky Feldman LLP, Chartered Accountants.
24.1
Power of Attorney (included on signature page).
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Toronto, Province of Ontario, Canada, on December 12, 2007.
BONTAN CORPORATION INC.
By:
/s/ Kam Shah
_________________________
Kam Shah
Chief Executive Officer and Chief Financial Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Kam Shah as the undersigned's true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
SIGNATURE
TITLE
___
/s/ Kam Shah
________________
Chief Executive Officer, Chief Financial Officer, and Director
Kam Shah
(Principal Executive Officer and Principal Financial and Accounting Officer)
Date:
December 12, 2007
___
/s/ Dean Bradley
______________
Director
Dean Bradley
Date:
December 12, 2007
__
/s/ Brett Rees
__________________
Director
Brett Rees
Date:
December 12, 2007
EXHIBIT 5.1
December 12, 2007
Bontan Corporation Inc.
47 Avenue Road, Suite 200
Toronto, Ontario, Canada M5R 2G3
Re:   Registration Statement on Form S-8
Ladies and Gentlemen:
You have requested our opinion as your special U.S. securities counsel with respect to certain matters in connection with the filing by Bontan Corporation Inc. (the "Company") of the Registration Statement on Form S-8 (the "Registration Statement") with the Securities and Exchange Commission covering the sale of up to 1,000,000 shares of the Company's common stock (the "Common Stock") for possible issuance under the Company's 2007 Consultant Stock Compensation Plan (the "Plan").
In connection with this opinion, we have examined the Registration Statement and such other documents, records, certificates, memoranda and other instruments, as we deem necessary as a basis for this opinion.  We have assumed the genuineness and authenticity of all documents submitted to us as originals, the conformity to originals of all documents submitted to us as copies thereof and execution and delivery of all documents, where execution and delivery are a prerequisite to the effectiveness thereof.
We advise you that we are licensed to practice in Minnesota.  Accordingly, our opinion assumes that the provincial laws of Ontario and the federal laws of Canada would yield the same opinion as application of the laws of the State of Minnesota and the federal laws of the United States.
On the basis of the foregoing, and in reliance thereon, we are of the opinion that the Common Stock, when issued in accordance with the Plans and the Registration Statement, will be validly issued, fully paid and nonassessable.
We consent to the filing of this opinion as an exhibit to the Registration Statement.
Very truly yours,
Messerli & Kramer P.A.
/s/ Messerli & Kramer P.A.
EXHIBIT 23.2
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT
BONTAN CORPORATION INC
We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated April 27, 2007 relating to the consolidated financial statements of
Bontan Corporation Inc. appearing in the Company's Annual Report on Form 20-F for the year ended March 31, 2007.
Schwartz Levitsky Feldman LLP
/s/ Schwartz Levitsky Feldman LLP
Toronto, Ontario Canada
December 12, 2007