TORONTO, Jan. 29, 2014 /CNW/ - Arnold T. Kondrat announces that he has purchased for cash 7,500,000 units (the "Units") of Gentor Resources Inc. (the "Company") at a price of Cdn$0.0525 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 January 29, 2014 announcing the closing of the Financing. Each Unit is comprised of one common share of the Company and one warrant of the Company (a "Warrant"), with each Warrant entitling the holder to purchase one common share of the Company at a price of Cdn$0.07 for a period of two years.
The 7,500,000 common shares comprising part of the Units represent 10.68% 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 21,697,500 (or 30.88%) of the outstanding common shares of the Company. He also holds 7,500,000 Warrants such that, assuming the exercise of these Warrants, he would own on a fully diluted basis, 29,197,500 (or 37.55%) 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.
SOURCE: Arnold T. Kondrat
For further information:
or to obtain a copy of the early warning report in connection with the foregoing, please contact:
Arnold T. Kondrat
Phone: (416) 366-2221
Fax: (416) 366-7722