VANCOUVER, Sept. 9, 2019 /PRNewswire/ - Entrée
Resources Ltd. (TSX:ETG; NYSE American:EGI – the
"Company" or "Entrée") today announces its
intention to file a Form 25 (Notification of Removal from Listing
and/or Registration under Section 12(b) of the Securities Exchange
Act of 1934) ("Form 25") with the U.S. Securities and
Exchange Commission (the "SEC") to voluntarily withdraw its
common shares from listing on NYSE American LLC ("NYSE
American"). The Company anticipates filing with the SEC a Form
25 on September 20, 2019 and expects
the last day of trading on NYSE American to be on or about
September 30, 2019 (approximately 10
days after filing the Form 25).
The Company has been evaluating its options with respect to its
U.S. listing for some time. Following receipt of notice from NYSE
American that the Company is not in compliance with the continued
listing standards as set forth in Section 1003(a)(i), (ii) and
(iii) of the NYSE American Company Guide (see the Company's news
release dated August 16, 2019), and
after careful consideration and a review of several options, the
Board of Directors has determined that a voluntary delisting from
NYSE American, and applying for a listing on a more suitable U.S.
trading platform, is in the Company's best interests. Having regard
to the business, finances and assets of Entrée, the price of
Entrée's common shares on NYSE American, commodity prices, and the
political and economic climate in which Entrée is currently
operating, the Board of Directors is of the view that the potential
negative impact to the Company and its shareholders from having to
undertake dilutive corporate or other actions for the primary
purpose of regaining compliance is not warranted, particularly when
there are other lower cost trading platforms that provide similar
liquidity and transparency for U.S. shareholders.
The Company's shares will continue to trade on the Toronto Stock
Exchange ("TSX"). The Company has also applied to have its
common shares trade on the Over-the-Counter OTCQB Venture Market
(the "OTCQB") and anticipates launching on the OTCQB the
same date its common shares are delisted from NYSE American.
Stephen Scott, President and CEO
of Entrée, comments, "I believe this move to the OTCQB is very
positive for Entrée and its shareholders, as it offers the benefits
of being publicly traded in the U.S. at a significantly lower cost
and complexity than a U.S. exchange listing. Many of Entrée's peers
have already successfully made this move."
As a verified platform with efficient access to U.S. investors,
OTCQB helps companies build shareholder value with a goal of
enhancing liquidity and achieving fair valuation.
The Company will continue to file reports with Canadian
securities regulators on SEDAR at www.sedar.com and with the
SEC on EDGAR at www.sec.gov following the voluntary
delisting.
ABOUT ENTRÉE RESOURCES LTD.
Entrée Resources Ltd. is
a well-funded Canadian mining company with a unique carried joint
venture interest on a significant portion of one of the world's
largest copper-gold projects – the Oyu Tolgoi project in
Mongolia. Entrée has a 20% or 30% carried participating
interest in the Entrée/Oyu Tolgoi joint venture, depending on the
depth of mineralization. Sandstorm Gold Ltd., Rio Tinto and
Turquoise Hill are major shareholders of Entrée, holding
approximately 19%, 9% and 8% of the shares of the Company,
respectively. More information about Entrée can be found at
www.EntreeResourcesLtd.com.
This News Release contains forward-looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and forward-looking information within the
meaning of applicable Canadian securities laws with
respect to corporate strategies and plans; the Company's
intention to voluntarily withdraw its common shares from listing
on NYSE American; the potential for the Company's
common shares to be designated as trading on the OTCQB Market and
related benefits of trading on the OTCQB Market; anticipated
business activities; and future financial performance.
In certain cases, forward-looking statements and information
can be identified by words such as "plans", "expects" or "does not
expect", "is expected", "budgeted", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "does not anticipate" or
"believes" or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might", "will be taken", "occur" or "be achieved". While the
Company has based these forward-looking statements on its
expectations about future events as at the date that such
statements were prepared, the statements are not a guarantee of
Entrée's future performance and are based on numerous assumptions
regarding present and future business strategies, the
voluntary withdrawal of Entrée's common shares from the NYSE
American becoming effective and Entrée subsequently continuing to
be a registrant with the SEC, the timing for the trading launch of
Entrée's common shares on the OTCQB, local and global
economic conditions and the environment in which Entrée will
operate in the future, including the price of copper, gold and
silver, timing and amount of anticipated future production and cash
flows from the Entrée/Oyu Tolgoi joint venture property, and the
status of Entrée's relationship and interaction with the Government
of Mongolia, Oyu Tolgoi LLC, Rio
Tinto and Turquoise Hill Resources Ltd.
Risks, uncertainties and factors which could cause actual
results, performance or achievements of Entrée to differ materially
from future results, performance or achievements expressed or
implied by forward-looking statements and information are
discussed in the Company's most recently filed
MD&A and in the Company's Annual Information Form for the
financial year ended December 31,
2018, dated March 29, 2019
filed with the Canadian Securities Administrators and available at
www.sedar.com and the Company's Annual Report on Form 20-F for the
fiscal year ended December 31, 2018
filed with the United States Securities and Exchange Commission on
April 1, 2019, which is available at
www.sec.gov. Although the Company has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company is under no obligation to
update or alter any forward-looking statements except as required
under applicable securities laws.
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SOURCE Entrée Resources