RE: ENTREE A U.S. REGISTERED AMEX STOCKMetacomet, It's kinda cool seeing your pink-sheeter become an Amexer.
To answer you directly, I believe we will see that our pink sheet shares in Entree Gold (ETEEF) will be automatically and effortlessly converted into Amex shares (EGI), regardless of the brokerage firm.
My past experience in this regard involved Wheaton River Minerals. I bought it as a pink sheet stock, and it became an Amex stock (now merged with Goldcorp, so no longer on Amex.) There was nothing to sign, no paperwork. What I experienced was a seamless conversion that took place within a work week.
The Amex listing is important to me for a couple of reasons.
1. the potential for a wider market. Some institutions have rules against pink sheet stocks. Many investors in the U.S. (and there is growing interest in mining stocks here, I sense) simply shun Canadian-listed stocks, but have no problem buying an Amex stock. That is a fact of life down here.
2. The bid-ask could get a little tighter, so we will have better liquidity. (ie, it should be easier to get in and out of the shares without getting skinned on the diff. between bid and ask.) I may be tempted to keep a core position and do some trading around the core, something I felt I could not do as long as it was pink-sheeted.
Since I can't buy Canadian shares very easily in my account, I was very happy to see the Entree Amex announcement on Friday.
I expected it to take longer.
The Amex release is appended to the bottom for the benefit of the many new investors who are likely to be tuning in!
Regards, PaperPerson
Entree Gold to Trade on the American Stock Exchange
Thursday July 14, 9:00 am ET
VANCOUVER, British Columbia--(BUSINESS WIRE)--July 14, 2005--Entree Gold Inc. (TSX VENTURE:ETG - News; "Entree") is pleased to announce that its common shares will be listed for trading on the American Stock Exchange ("Amex"), effective at the opening of trading, Monday, July 18, 2005. The Company will trade on Amex under the symbol "EGI", and continue to trade on the TSX Venture Exchange ("TSX-V") under the symbol "ETG".
Gregory Crowe, President and CEO of Entree, said: "We are delighted to have established the Amex listing for our existing and prospective U.S. investors. Entree has had significant investor interest in the United States for some time and this listing will make the Company more accessible to the U.S. market."
Entree currently has approximately 65,000,000 shares outstanding, over CAD$26 million in cash, and no debt.
ABOUT ENTREE GOLD INC.
Entree Gold Inc. (www.entreegold.com) is an exploration stage junior resource company engaged in the exploration of gold and copper prospects. The Company is a large landholder in Mongolia's south Gobi Desert, near the Chinese border. Entree maintains 100% interest in the 179,590 hectare Lookout Hill (Shivee Tolgoi) property which completely surrounds Ivanhoe Mining Inc.'s (TSX:IVN - News; NYSE:IVN - News; "Ivanhoe") 8,500 hectare, Turquoise Hill (Oyu Tolgoi) holdings. Ivanhoe has an earn-in agreement with Entree whereby Ivanhoe can earn up to an 80% interest in a project area covering approximately 22% (approximately 40,000 hectares) of Entree's Lookout Hill property by spending US$35 million on the project and financing Entree's subsequent share of project expenditures.