History
Entrée raised about CDN$22 million in 2005 from Rio Tinto and Ivanhoe to explore in Mongolia, then spent later years mainly on exchange listing changes.
2005: Funding the Mongolian search
In 2005 Entrée Gold, filed as Entrée Resources Ltd., was an exploration-stage gold and copper company. It held 100% of the 179,590 hectare Lookout Hill (Shivee Tolgoi) property in Mongolia's south Gobi, surrounding Ivanhoe's Turquoise Hill holdings, plus the Ulziit Uul exploration licence. Under a November 2004 agreement, Ivanhoe Mines could earn up to 80% of a project area of about 40,000 hectares, roughly 22% of Lookout Hill, by spending US$35 million.
The company then went looking for money. On June 19 it agreed to sell Kennecott Canada Exploration, a Rio Tinto subsidiary, units at CDN$2.20, each made up of one share and two kinds of warrant (rights to buy more shares later). Kennecott also received a right of first refusal on an interest in Ulziit Uul. On June 27 Ivanhoe exercised 4.6 million warrants at CDN$1.10, lifting its stake to about 16.4%, and said it would use its right to take part in the placement. The same day the company reported strong copper mineralization in drill hole EGD016C at Copper Flats, though it said more drilling was needed to confirm the shape and grade of the zone.
The placement closed on July 7: 7,542,410 units for gross proceeds of CDN$16,593,302, with Kennecott taking 6,306,921 units and Ivanhoe 1,235,489. A finder's fee of about CDN$555,000 was owed to Immoalp s.a. Together with the warrant exercise, the company said about CDN$22 million went into its treasury. Ivanhoe then held 10,435,489 shares, about 16%. On July 18 the American Stock Exchange cleared the shares to begin trading.
2017-2023: Listing changes and exit from SEC reporting
The record for the years between is quiet. In 2017 the share count rose from 153,045,408 to 173,573,572, but the disclosures do not explain why. On May 9, 2017 the New York Stock Exchange cleared the company's securities for listing. A week later, on May 16, an exchange filed to remove a class of its securities from listing. In September 2019 the securities were notified for removal from listing and registration on their exchange.
On September 5, 2023 the company deregistered its securities, ending its obligation to file reports with the SEC. That was the latest event on record, with the company's shares on issue at 198,134,931 at the end of 2022.
Written from the 8 story beats below (2005 to 5 Sept 2023), which come from the company's own announcements and filings.