Mineral explorer uses proceeds for diamond drilling program in Oman
By Devika Patel
Knoxville, Tenn., Dec. 22 - Gentor Resources Inc. said it completed a private placement of units. The deal raised $2.75 million.
The company sold 3,662,670 units of one common share and one warrant at $0.75 apiece. Each warrant is exercisable at $0.90 for one year. The strike price is a 48.57% discount to $1.75, the Dec. 21 closing share price.
Proceeds will be used to advance the company's diamond drilling program at its copper and gold properties in the Sultanate of Oman and for general corporate purposes
Located in Virginia City, Mont., Gentor is a molybdenum, tungsten and silver exploration company.
| Issuer: | Gentor Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $2,747,000
|
| Units: | 3,662,670
|
| Price: | $0.75
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | $0.75
|
| Settlement date: | Dec. 22
|
| Stock symbol: | OTCBB: GNTO
|
| Stock price: | $1.75 at close Dec. 22
|
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