TORONTO, June 28, 2018 (GLOBE NEWSWIRE) -- Arnold T. Kondrat announces that he has purchased for cash 8,000,000 common shares (the "Purchased Shares") of Gentor Resources Inc. (the "Company") at a price of Cdn$0.05 per Purchased Share 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 June 28, 2018 announcing the closing of the Financing.
The Purchased Shares represent 26.75% 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 14,067,188 (or 47.04%) of the outstanding common shares of the Company (immediately prior to the closing of the Financing, Mr. Kondrat owned 6,067,188 (or 27.7%) of the outstanding common shares of the Company). He also holds 1,027,500 common share purchase warrants of the Company such that, assuming the exercise of these warrants, he would own on a fully diluted basis, 15,094,688 (or 48.8%) of the outstanding common shares of the Company.
Mr. Kondrat acquired the Purchased Shares 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 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, Canada.
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) 361-2510