Units of shares and warrants sold in multiple tranches at $0.75 apiece
By Devika Patel
Knoxville, Tenn., Nov. 8 - Gentor Resources Inc. completed a private placement of units between Oct. 28 and Nov. 2, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 7 million units of one common share and one warrant at $0.75 apiece for $5.25 million. Of the units, 4 million were sold on Oct. 28, 333,334 were sold on Oct. 29 and 2,666,667 were sold on Nov. 2.
Each warrant is exercisable at $0.90 for one year. The strike price is a 10.89% discount to $1.01, the Oct. 27 closing share price.
Located in Virginia City, Mont., Gentor is a mineral exploration company.
| Issuer: | Gentor Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $5.25 million
|
| Units: | 7 million
|
| Price: | $0.75
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | $0.90
|
| Agent: | Non-brokered
|
| Settlement date: | Oct. 28 (for $3 million), Oct. 29 (for $250,000), Nov. 2 (for $2 million)
|
| Stock symbol: | OTCBB: GNTO
|
| Stock price: | $1.01 at close Oct. 28
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
