TORONTO, Jan. 10, 2012 /PRNewswire/ - Gentor Resources, Inc. ("Gentor" or the "Company") (TSX-V - "GNT" & OTCQB - "GNTO") announces that it is proposing to undertake a corporate reorganization, the effect of which will be to change Gentor's corporate jurisdiction from Florida to the Cayman Islands (the "Corporate Reorganization"). The Corporate Reorganization will be effected by a two-step process involving a merger of Gentor with and into its wholly-owned Wyoming subsidiary, followed by a continuation of the surviving company into the Cayman Islands.
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.
The Corporate Reorganization is subject to the receipt of TSX Venture Exchange and requisite shareholder approvals. It is further subject to the issuance of an order from the Idaho Department of Finance approving the fairness of the terms and conditions of the Corporate Reorganization after holding a "fairness hearing" on the proposed Corporate Reorganization. The fairness hearing will be held by the Idaho Department of Finance on January 23, 2012 at 9:00 MST at the offices of Hawley Troxell Ennis & Hawley LLP, located 877 Main Street, Suite 1000, Boise, Idaho, 83701-1617. All interested persons have a right to appear at the fairness hearing either in person at the foregoing address or by telephone by calling (208) 388-4825 or (866) 388-4977 and entering code number 0147114, or visiting http://conference.hteh.com/call/0147114 to have the system call back. Any interested person who wishes to appear at the fairness hearing by telephone must give the hearing officer (who has been appointed by the Idaho Department of Finance) prior notice of such intent to appear. The notice of the fairness hearing, including the contact information for the hearing officer, together with a copy of the draft information circular describing the contemplated Corporate Reorganization, is available on Gentor's website via http://www.gentorresources.com/s/IFHI.asp.
Each interested person is entitled to present evidence as to the fairness of the terms and conditions of the proposed Corporate Reorganization, including the proposed exchange of securities pursuant to the Corporate Reorganization. Any interested person may submit questions or comments directly to the hearing officer either at the fairness hearing or prior to the fairness hearing. Any interested person who submits prepared testimony in advance of the hearing must appear at the hearing in person or by telephone to formally submit the prepared testimony under oath.