TORONTO, ONTARIO--(Marketwire - Dec. 12, 2012) - Arnold T. Kondrat announces that he acquired today on the TSX Venture Exchange an additional 1,800,000 common shares (the "Additional Shares") of Gentor Resources Inc. (the "Company") at a price of Cdn$0.06 per share. The Additional Shares represent 2.87% of the outstanding common shares of the Company (the "Common Shares"). He had also previously acquired on the TSX Venture Exchange a total of 1,247,500 Common Shares (the "previous shares") as follows: 1,233,000 Common Shares at a price of Cdn$0.10 per share, 9,500 Common Shares at a price of Cdn$0.25 per share and 5,000 Common Shares at a price of Cdn$0.30 per share. The previous shares represent 1.99% of the outstanding Common Shares, such that the Additional Shares and previous shares (collectively, the "shares") together represent 4.86% of the outstanding Common Shares.
Taking into account the acquisition of the shares, Mr. Kondrat now owns a total of 14,197,500 (or 22.62%) of the outstanding Common Shares. Mr. Kondrat acquired the shares for investment purposes and may in the future increase or decrease his ownership of securities of the Company from time to time depending upon the business and prospects of the Company and future market conditions.
Mr. Kondrat has relied on the exemption from the formal take-over bid requirements set out in Section 4.1 of Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids ("MI 62-104") with respect to the acquisition of the Additional Shares, as follows: (a) the bid was for less than 5% of the outstanding Common Shares; (b) the Additional Shares, together with other Common Shares purchased by Mr. Kondrat within the previous 12 months, represent less than 5% of the Common Shares outstanding at the beginning of the 12 month period; (c) there is a published market for the Common Shares on the TSX Venture Exchange; and (d) the value of the consideration paid for the Additional Shares was not in excess of the market price of the Common Shares at the date of acquisition, as determined in accordance with MI 62-104.
Mr. Kondrat is a director and officer of the Company. His address is Suite 7070, 1 First Canadian Place, 100 King Street West, Toronto, Ontario, M5X 1E3, Canada.