TORONTO,
Feb. 29, 2012 /PRNewswire/ - Gentor
Resources Inc. ("Gentor" or the "Company") (TSXV: GNT) (OTCQB:
GNTOF) announces that, further to its January 10, 2012 and January 30, 2012 press releases, it has completed
its corporate reorganization (the "Corporate Reorganization"), as a
result of which Gentor's corporate jurisdiction has now been moved
from Florida to the Cayman Islands. The Corporate
Reorganization was effected by a two-step process involving a
merger of Gentor Resources, Inc. (the Florida company) with and into its
wholly-owned Wyoming subsidiary,
followed by a continuation of the surviving company into the
Cayman Islands. Shareholders
approved the Corporate Reorganization at the special meeting of
shareholders held on February 24,
2012.
Gentor believes that the change in its corporate
jurisdiction to the Cayman Islands
will expose the Company to business and financial advantages that
may not otherwise be as accessible to the Company. In
particular, the Corporate Reorganization is expected to result in
simplification of the Company's compliance with regulatory
requirements and an enhanced ability to raise capital in Canadian,
U.S. and international markets.
About Gentor
Gentor is a mineral exploration company whose
projects include copper and gold properties in the Sultanate of
Oman and a
molybdenum-tungsten-silver property in East Central Idaho,
U.S. The Company's strategy is to create shareholder value by
developing highly prospective mineral properties around the globe,
with current focus in the Sultanate of Oman. In Oman, Gentor is partnered with Al Fairuz
Mining Company LLC on its Block 5 exploration tenement and Al Zuhra
Mining Company LLC on Block 6.
Forward-Looking Information:
Statements in this press release relating to the expected benefits
of the Corporate Reorganization are forward-looking information
within the meaning of applicable securities laws. Such
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 Company not experiencing the expected benefits of the Corporate
Reorganization. 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.
SOURCE Gentor Resources Inc.
