Company: GNTOF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001062993-25-008252
Chunk: 60

Company: GENTOR RESOURCES INC.
Filing Date: 2025-04-30
Form: 20-F
Item: Item 19
Chunk 60
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 to the payment of common general and administrative expenses. The amount included $nilof common expenses incurred for the year ended December 31, 2024 (for the year ended December 31 2023 - $2,645).
All of the above related party transactions occurred in the normal course of operations and are unsecured, non-interest bearing, due on demand, and measured at the exchange amount as determined by management.

5. LOAN
In May 2020, the Company received a $28,668(Cdn$40,000) line of credit ("CEBA LOC") with Toronto-Dominion Bank under the Canada Emergency Business Account ("CEBA") program funded by the Government of Canada. The CEBA LOC is non-interest bearing and can be repaid at any time without penalty.
On January 1, 2021, the outstanding balance of the CEBA LOC automatically converted to a 2-year interest free term loan ("CEBA Term Loan"). The CEBA Term Loan may be repaid at any time without notice or the payment of any penalty. If 75% of the CEBA Term Loan is repaid on or before December 31, 2023, the repayment of the remining 25% of such CEBA Term Loan shall be forgiven. The amount of the CEBA Term Loan outstanding on January 18, 2024 shall bear an interest rate of 5% per annum and shall be repayable in full by December 2025.
The Company recorded the CEBA LOC upon initial recognition at its fair value of $23,584(Cdn$32,906) as at May 5th, 2020 using an effective interest rate of3.45%. The difference of $5,084between the fair value and the total amount of the CEBA LOC received has been recorded as a fair value gain on loans advanced in the consolidated statement of (loss) income and comprehensive (loss) income. During the year ended December 31, 2024, interest of $nilhas been accreted on the CEBA LOC and is included in the consolidated statement of (loss) income and comprehensive (loss) income (years ended December 31, 2023 and 2022 - $898and $896, respectively).
During the year ended December 31, 2024 the CEBA LOC was fully repaid.

6. SHARE CAPITAL
a)Authorized Share Capital
The authorized share capital of the Company consists of500,000,000common shares with a par