TORONTO, Oct. 20, 2018 (GLOBE NEWSWIRE) -- Arnold T. Kondrat announces that he has purchased for cash 2,725,000
common shares (the "Purchased Shares") of Gentor Resources Inc. (the "Company") at a price of
Cdn$0.05 per Purchased Share pursuant to a non-brokered private placement financing (the "Financing") closed today
by the Company. Reference is made to the Company's press release dated October 19, 2018 announcing the closing of the
Financing.
The Purchased Shares represent 8.04% of the currently outstanding common shares of the Company, taking into
account the completion of the Financing. Taking into account the acquisition of such shares, Mr. Kondrat now owns 16,792,188
(or 49.53%) of the outstanding common shares of the Company (immediately prior to the closing of the Financing, Mr. Kondrat owned
14,067,188 (or 47.04%) of the outstanding common shares of the Company). He also holds 1,027,500 common share purchase
warrants of the Company such that, assuming the exercise of these warrants, he would own on a fully diluted basis, 17,819,688 (or
51.01%) of the outstanding common shares of the Company.
Mr. Kondrat acquired the Purchased 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 currently does not have any plan to acquire or dispose of additional securities of the Company.
Mr. Kondrat is Chief Executive Officer, President and a director of the Company. Mr. Kondrat's address and the
Company’s address is Suite 7070, 1 First Canadian Place, 100 King Street West, Toronto, Ontario, M5X 1E3, Canada.
For further information or to obtain a copy of the early warning report in connection with the foregoing, please
contact:
Arnold T. Kondrat
Phone: (416) 361-2510
