TORONTO, ONTARIO--(Marketwired - Aug. 27, 2014) - Arnold T. Kondrat announces that he has purchased for cash 3,000,000 units (the "Units") of Gentor Resources Inc. (the "Company") at a price of Cdn$0.06 per Unit pursuant to a non-brokered private placement financing (the "Financing") closed today by the Company. Reference is made to the Company's press release dated August 27, 2014 announcing the closing of the Financing. Each Unit is comprised of one common share of the Company and one-half of one warrant of the Company, with each full warrant (a "Warrant") entitling the holder to purchase one common share of the Company at a price of Cdn$0.075 for a period of two years.
The 3,000,000 common shares comprising part of the Units represent 3.99% of the currently outstanding common shares of the Company, taking into account the completion of the Financing. Taking into account the acquisition of such shares, Mr. Kondrat now owns 24,697,500 (or 32.82%) of the outstanding common shares of the Company. He also holds 1,500,000 Warrants, an additional 7,500,000 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 Cdn$0.07 until January 2016) and 500,000 stock options granted under the Company's stock option plan (with each such stock option entitling the holder to purchase one common share of the Company at a price of Cdn$0.15 until May 2019) such that, assuming the exercise of the Warrants, the said additional warrants and the said stock options he would own on a fully diluted basis, 34,197,500 (or 40.35%) of the outstanding common shares of the Company.
Mr. Kondrat acquired the Units for investment purposes and may in the future increase or decrease his ownership of securities of the Company from time to time depending upon the business and prospects of the Company and future market conditions.
Mr. Kondrat is a director and officer of the Company. His address is Suite 7070, 1 First Canadian Place, 100 King Street West, Toronto, Ontario, M5X 1E3, Canada.
For further information or to obtain a copy of the early warning report in connection with the foregoing, please contact: Arnold T. Kondrat |