TORONTO, Dec. 22 /CNW/ - GENTOR RESOURCES, INC. ("Gentor" or the "Company") (OTCBB - "GNTO.OB") is pleased to announce
that it has concluded the sale of 3,662,670 Units (as hereafter
described) to a limited number of U.S. and non-U.S persons for total
gross proceeds of US$2,747,000. Each Unit, which was sold at a purchase
price of US$0.75 per Unit, consisted of one (1) share of common stock
of the Company (the "Common Stock") and one (1) warrant (a "Warrant")
to purchase one (1) share of Common Stock. Each Warrant is exercisable
for a period of 12 months from the date of issuance at an exercise
price of US$0.90 per share of Common Stock.
The Company anticipates using the proceeds from the sale of the Units to
advance its diamond drilling program at its copper and gold properties
in the Sultanate of Oman and for general corporate purposes.
The Company is also currently in negotiations with a limited number of
U.S. and non-U.S. persons for the sale of additional Units.
About Gentor Resources, Inc.
Gentor Resources, Inc. is a US-based mineral exploration and development
company whose projects include copper and gold properties in the
Sultanate of Oman and a molybdenum-tungsten-silver property in East
Central Idaho. The Company's strategy is to create shareholder value by
developing highly prospective mineral properties around the globe, with
current focus in the Sultanate of Oman and the United States.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain statements that may be deemed
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements in this
release, other than statements of historical fact, that address
potential future production, reserve potential, exploration drilling
and events or developments that the Company expects to occur, are
forward-looking statements. Forward-looking statements are statements
that are not historical facts and are generally, but not always,
identified by the words "expects," "plans," "anticipates," "believes,"
"understands," "intends," "estimates," "projects," "potential" and
similar expressions, or that events or conditions "will," "would,"
"may," "could," or "should" occur. Information inferred from the
interpretation of exploration and/or drilling results and any
information concerning mineral resource estimates may also be deemed to
be forward-looking statements, as it constitutes a prediction of what
might be found to be present when and if a project is actually
developed. Such statements are not guarantees of future performance and
actual results may differ materially from those in the forward-looking
statements. Factors that could cause the actual results to differ
materially from those in forward-looking statements include market
prices, exploitation and exploration successes, continued availability
of capital and financing, and general economic, market or business
For further information:
For further information, please visit our website at www.gentorresources.com, or contact: Dr Peter Ruxton, President & CEO, Kent, United Kingdom Tel: + 44 (0) 7786 111103; or Arnold T. Kondrat, Executive Vice-President, Toronto, Ontario, Tel: (416) 366-2221 or 1 (800) 714-7938.