Gentor Resources (GNT-V) April 28, '15 announces that, further to its April 2, 2015 press release, the size of its proposed non-brokered private placement has been increased by 3,000,000 units, such that it now proposes to carry out a non-brokered private placement of up to 15,000,000 units of the Company (the "Units") at a price of Cdn$0.06 per Unit for proceeds to the Company of up to Cdn$900,000. Each such Unit is to be comprised of one common share of the Company and one-half of one warrant of the Company, with each full warrant entitling the holder to purchase one common share of the Company at a price of Cdn$0.10 for a period of two years. Closing of this financing (the "Financing") is subject to receipt of all necessary approvals, including board and TSX Venture Exchange approvals. The Company intends to use the proceeds from the Financing for the planned drilling program at the Company's Karaburun project in Turkey (which drilling program is scheduled to commence in May 2015) and for general corporate purposes. Directors and officers of the Company may purchase up to 11,000,000 of the Units.
About Gentor
Gentor is a mineral exploration company with copper exploration properties in Turkey. The Company's strategy is to create shareholder value by developing highly prospective mineral properties around the globe, with current focus in Turkey.
Gentor Resources Inc.
Arnold T. Kondrat
President & CEO,
Toronto, Ontario
+ 1 (416) 366 2221 or + 1 (800) 714 7938
www.gentorresources.com |
