Mr. Arnold Kondrat reports
GENTOR CLOSES PRIVATE PLACEMENT FINANCING
Further to the Aug. 25, 2014, press release, Gentor Resources Inc. has closed a non-brokered private placement of three million units of the company at a price of six cents per unit for proceeds to the company of $180,000. Each unit is composed of one common share of the company and one-half of one warrant of the company, with each full warrant entitling the holder to purchase one common share of the company at a price of 7.5 cents for a period of two years.
The company intends to use the proceeds from this financing for general corporate purposes.
Arnold T. Kondrat was the purchaser of all of the units. Mr. Kondrat is chief executive officer, president and a director of the company and, taking into account the units acquired under the financing, now holds 24,697,500 (or 32.82 per cent) of the outstanding common shares of the company, 1.5 million warrants and an additional 7.5 million common share purchase warrants of the company, with each such additional warrant entitling the holder to purchase one common share of the company at a price of seven cents until January, 2016.
The said shares and warrants issued by the company under the financing are subject to a four-month hold period and the resale rules of applicable securities legislation.
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