Gentor Resources sells C$3.39 million of units via private placement

Equity units sold in brokered, non-brokered offerings at C$1.00 apiece

By Devika Patel

Knoxville, Tenn., Nov. 8 - Gentor Resources, Inc. completed a C$3.39 million private placement of units on Nov. 2, according to an 8-K filed Tuesday with the Securities and Exchange Commission. Of the proceeds, C$1.22 million was raised on a non-brokered basis, with the remaining C$2.16 million sold through GMP Securities LP.

The company sold 2,163,000 units of one common share and one half-share warrant at C$1.00 per unit in the brokered sale and 1,222,500 units at that price on a non-brokered basis.

Each whole warrant is exercisable at C$1.25 for one year. The strike price is identical to the Nov. 7 closing share price.

Located in Toronto, Gentor is a mineral exploration company.

Issuer:	Gentor Resources, Inc.
Issue:	Units of one common share and one half-share warrant
Amount:	C$3,385,500
Units:	3,385,500
Price:	C$1.00
Warrants:	One half-share warrant per unit
Warrant expiration:	One year
Warrant strike price:	C$1.25
Agent:	Non-brokered (for C$1,222,500), GMP Securities LP (for C$2,163,000)
Settlement date:	Nov. 2
Stock symbol:	TSX Venture: GNT
Stock price:	C$1.25 at close Nov. 7
Market capitalization:	C$68.27 million

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