TORONTO, Nov. 14, 2017 /CNW/ - Arnold T. Kondrat announces that he has purchased for cash 2,055,000 units (the "Units") of Gentor Resources Inc. (the "Company") at a price of Cdn$0.05 per Unit pursuant to a non-brokered private placement financing (the "Financing") closed on November 13, 2017 by the Company. Reference is made to the Company's press release dated November 13, 2017 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 2,055,000 common shares comprising part of the Units represent 9.38% 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 6,067,188 (or 27.7%) of the outstanding common shares of the Company (immediately prior to the closing of the Financing, Mr. Kondrat owned 4,012,188 (or 33.7%) of the outstanding common shares of the Company). He also holds 1,027,500 Warrants such that, assuming the exercise of these Warrants, he would own on a fully diluted basis, 7,094,688 (or 30.94%) 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. He currently does not have any plan to acquire or dispose of additional securities of the Company.
Mr. Kondrat is Chief Executive Officer, President and a director of the Company. Mr. Kondrat's address and the Company's address is Suite 7070, 1 First Canadian Place, 100 King Street West, Toronto, Ontario, M5X 1E3.
SOURCE Arnold T. Kondrat
For further information: 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) 366-8488