May 7, 2010 (FinancialWire) – Gentor Resources, Inc. (OTCBB: GNTO) said that it has closed the sale of four million units to a non-U.S. person for US$2 million.

Each unit, which was sold at a purchase price of $0.50 per unit, consisted of one share of common stock of the company and one warrant to purchase one share of common stock.

Each warrant is exercisable for a period of 24 months for the date of issuance at an exercise price of $0.75 per share of common stock.

Gentor said it plans to use the initial proceeds for the sale of the units to advance the exploration of its copper properties in the Sultanate of Oman and for general corporate purposes.

Indiana-based Gentor Resources is a mineral exploration and development company whose projects include a molybdenum-tungsten-silver property in East Central Idaho and copper properties in the Sultanate of Oman.

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