Gentor Signs Agreement to Sell its Oman Properties
10 Avril 2014 - 3:00PM
Marketwired
Gentor Signs Agreement to Sell its Oman Properties
Sale reflects Gentor's focus on its copper exploration
properties in Turkey
TORONTO, ONTARIO--(Marketwired - Apr 10, 2014) - Gentor
Resources Inc. ("Gentor" or the "Company") (TSX-VENTURE:GNT)
announces that it has entered into an agreement with Savannah
Resources plc (the "Purchaser") to sell Gentor's properties in Oman
to the Purchaser (the "Oman Sale"). The Purchaser is an AIM-listed
mineral exploration company. The Oman Sale is being effected by way
of the sale to the Purchaser of all of Gentor's shares in Gentor's
wholly-owned British Virgin Islands subsidiary, Gentor Resources
Limited. The interests of Gentor in its properties in Oman are held
through the said subsidiary.
Gentor's President and CEO Arnold T. Kondrat commented: "The
sale of our Oman properties reflects Gentor's focus on its copper
exploration properties in Turkey, which we believe represent a very
exciting opportunity for Gentor and its shareholders."
The consideration for the Oman Sale is as follows:
1. Initial Consideration
(a) |
A cash payment of US$800,000 payable to
Gentor on closing. |
2. Deferred Consideration
(a) |
The
sum of US$1,000,000, payable to Gentor upon a formal final
investment decision being made for the development of the Block 5
licence in Oman. |
|
|
(b) |
The
sum of US$1,000,000, payable to Gentor upon the production of the
first saleable concentrate or saleable product from ore derived
from the Block 5 licence in Oman. |
|
|
(c) |
The
sum of US$1,000,000, payable to Gentor within six months of the
payment of the deferred consideration in (b) above. |
|
|
(d) |
The
Purchaser may elect to pay up to 50% of the above deferred
consideration by the issue of shares of the Purchaser to the
Vendor. Where the Purchaser's shares are so issued in satisfaction
of deferred consideration, the number of shares to be issued will
be determined by reference to the volume weighted average price of
the Purchaser's shares for 30 trading days prior to the date upon
which the relevant deferred consideration is payable. |
Closing of the Oman Sale is anticipated to occur in May 2014 and
is subject to regulatory approvals, including the approval of the
TSX Venture Exchange, as well as certain legal formalities.
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.
Cautionary
Note
Forward-Looking Information: This press release contains
forward-looking information. All statements, other than statements
of historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur
in the future (including, without limitation, statements regarding
the closing of the Oman Sale, potential mineralization and the
Company's exploration plans) are forward-looking information. This
forward-looking information reflects the current expectations or
beliefs of the Company based on information currently available to
the Company. Forward-looking information is subject to a number of
risks and uncertainties that may cause the actual results of the
Company to differ materially from those discussed in the
forward-looking information, and even if such actual results are
realized or substantially realized, there can be no assurance that
they will have the expected consequences to, or effects on the
Company. Factors that could cause actual results or events to
differ materially from current expectations include, among other
things, the need to satisfy regulatory and legal requirements and
other conditions to closing with respect to the Oman Sale, the
possibility that the completion of the Oman Sale may be delayed or
may not happen at all as a result of a failure to satisfy
conditions to closing, uncertainties relating to the availability
and costs of financing needed in the future, risks related to the
exploration stage of the Company's properties, the possibility that
future exploration results will not be consistent with the
Company's expectations, changes in world copper markets and equity
markets, political developments in Turkey, the uncertainties
involved in interpreting drilling results and other geological data
and the other risks disclosed under the heading "Risk Factors" and
elsewhere in the Company's annual report on Form 20-F dated April
30, 2013 relating to the year ended December 31, 2012 filed on
SEDAR at www.sedar.com and EDGAR at www.sec.gov. Forward-looking
information speaks only as of the date on which it is provided and,
except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any
forward-looking information, whether as a result of new
information, future events or results or otherwise. Although the
Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Gentor Resources Inc.Arnold T. KondratPresident &
CEOToronto, Ontario, Tel: + 1 (416) 366 2221or + 1 (800) 714
7938www.gentorresources.com
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