Entrée Resources Evaluates NYSE American Listing
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ENTRÉE RESOURCES EVALUATES NYSE AMERICAN LISTING
Vancouver, B.C., August 16, 2019 – Entrée Resources Ltd. (TSX:ETG; NYSE American:EGI – the “Company”
or “Entrée”) announced today that on August 12 , 201 9, the Company received a notice from NYSE
American LLC (“NYSE American”) stating that it 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 (the “ Company
Guide”), which require a company to have stockholders’ equity of $ 2 million or more if it has reported
losses from continuing operations and/or net losses in two of three of its most recent fiscal years ;
stockholders’ equity of $4 million or more if it has reported losses from continuing operations and/or net
losses in three of four of its most recent fiscal years; and stockholders’ equity of $6 million or more if it
has reported losses from continuing operations and/or net losses in its five most recent fiscal years. All
numbers are in U.S. dollars unless otherwise noted.
NYSE American indicated that a review of the Company shows that it is below compliance with Section
1003(a)(i), (ii) and (iii) since it reported a stockholders’ equity deficit of $(43.9) million as of June 30, 2019
and net losses in its five most recent fiscal years . Accordingly, the Company has become subject to the
procedures and requirements of Section 1009 of the NYSE American Company Guide. In order to maintain
its listing, the Compa ny must submit a plan of compliance by September 11, 2019 addressing how it
intends to regain compliance with the continued listing standards by February 12, 2021. If NYSE American
does not accept the plan or the Company does not make progress consistent w ith the plan or regain
compliance with the continued listing standards by February 12, 2021, delisting proceedings will
commence.
The Company’s current status and operating strategy are such that implementing a plan to achieve
compliance with the above listing standards may not be in the best interests of the Company’s
stakeholders. The Company’s Management and Board of Directors has been assessing its options with
respect to trading on the NYSE American for some time. Such options may include voluntarily withdrawing
its common shares from trading on the NYSE American and applying to trade the Company’s common
shares on the OTCQB Venture Market , a potentially more suitable venue for develop ment stage
companies, which would result in cost savings and could reduce the negative impact of high levels of high
frequency algorithmic trading currently experienced on the NYSE American. The Company remains
committed to ensuring that all of its shareholders can seamlessly and efficient ly trade the Company’s
securities on a trading platform in the United States . The Company’s shares continue to trade on the
Toronto Stock Exchange.
The Company will update the market on its plans with respect to its NYSE American listing in due course.
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,
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depending on the depth of mineralization. Sandstorm Gold Ltd., Rio Tinto and Turquoise Hill are major
shareholders of Entrée, holding approximately 1 9%, 9% and 8% of the shares of the Company,
respectively. More information about Entrée can be found at www.EntreeResourcesLtd.com.
FURTHER INFORMATION
David Jan
Investor Relations
Entrée Resources Ltd.
Tel: 604-687-4777 | Toll Free: 1-866-368-7330
E-mail: [email protected]
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; listing
of the Company’s common shares for trading on NYSE American; potential voluntary delisting of the Company’s common shares from NYSE
American; the potential for the Company to apply for trading of its common shares on OTCQB and related benefits of trading on the OTCQB ;
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 p resent and
future business strategies, 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.