Company: GNTOF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001062993-25-008252
Chunk: 11

Company: GENTOR RESOURCES INC.
Filing Date: 2025-04-30
Form: 20-F
Item: Item 4
Chunk 11
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 this financing.

In February 2014, Arnold T. Kondrat was appointed President and Chief Executive Officer of the Company replacing Dr. Peter Ruxton (Mr. Kondrat was Executive Vice-President of the Company prior to this appointment), and two new directors, Richard J. Lachcik and William R. Wilson, were appointed to Gentor's board of directors, replacing David Twist and Rudolph de Bruin.

Also in February 2014, the Company completed a non-brokered arm's length private placement for total gross proceeds of Cdn$150,000.

In April 2014, the Company announced that it had entered into an agreement with Savannah Resources plc ("Savannah") to sell all of Gentor's properties in Oman to Savannah (the "Oman Sale"). The Oman Sale was completed in July 2014. The Oman Sale was effected by way of the sale to Savannah of all of Gentor's shares in Oman Holdco. The interests of Gentor in its properties in Oman were held through Oman Holdco. The Oman Sale reflected Gentor's focus on its copper exploration properties in Turkey. The consideration for the Oman Sale was comprised of a cash payment of US$800,000 paid to the Company on closing, together with the following deferred consideration (the "Deferred Consideration"):

(a)The sum of US$1,000,000, payable to the Company upon a formal final investment decision being made to proceed with the development of a mine at the Block 5 project in Oman.

(b)The sum of US$1,000,000, payable to the Company upon the production of the first saleable concentrate or saleable product from ore derived from the Block 5 project in Oman.

(c)The sum of US$1,000,000, payable to the Company within six months of the payment of the Deferred Consideration in (b) above.

Savannah could elect to pay up to 50% of the above Deferred Consideration by the issue to the Company of ordinary shares of Savannah. Where Savannah's shares were so issued in satisfaction of Deferred Consideration, the number of shares to be issued would be determined by reference to the volume weighted average price of Savannah's ordinary shares as traded on the AIM market of the London Stock Exchange plc ("AIM") for the 30 trading days prior to the date upon which the relevant Deferred Consideration was payable.

In August 2014, the Company completed a non-brokered private placement for total gross proceeds of