Offering's proceeds allocated for exploration, development of projects
By Devika Patel
Knoxville, Tenn., July 18 - Gentor Resources Inc. said it will raise between C$1 million and C$4 million in a private placement of units on a best efforts basis through a syndicate of agents.
The company will sell units of one common share and one half-share warrant at C$1.00 per unit. Each whole one-year warrant will be exercisable at C$1.25. The warrant strike price is equal to the closing share price on July 18.
Proceeds will be used for exploration and development activities related to the company's mineral properties in Oman and for working capital and general corporate purposes.
Located in Virginia City, Mont., Gentor is a molybdenum-tungsten exploration company.
| Issuer: | Gentor Resources Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1 million (minimum), C$4 million (maximum)
|
| Price: | C$1.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.25
|
| Pricing date: | July 18
|
| Stock symbol: | OTCBB: GNTO
|
| Stock price: | $1.25 at close July 18
|
| Market capitalization: | $74.21 million
|
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