TORONTO, Feb. 10 /CNW/ - GENTOR RESOURCES, INC. ("Gentor" or the
"Company") (OTCBB - "GNTO.OB") is pleased to announce that it has
concluded the sale of 6,009,334 Units (as hereafter described) to a
limited number of non-U.S persons for total gross proceeds of
US$4,507,001. 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.
Including the sale of the Units referenced above, the Company has raised
US$12,504,000 since the fourth quarter of 2010 through the sale of
16,672,006 Units on the same terms as described above.
The Company anticipates using the proceeds from the sale of the Units
described herein to advance its exploration and 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 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, exploration success, continued availability of capital and
financing, and general economic, market or business conditions.
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