LONDON--(BUSINESS WIRE)--Rio Tinto announced today an update in respect of its beneficial ownership of common shares of Entr�e Resources Ltd. (�Entr�e�) held by its wholly owned subsidiary Rio Tinto International Holdings Limited (�RTIH�).

As a result of its greater than 50% shareholding in Turquoise Hill Resources Ltd. (�TRQ�), Rio Tinto is deemed to beneficially own the common shares of Entr�e owned by TRQ under applicable Canadian securities law.

Under a non-brokered private placement previously announced by Entr�e, on 14 September 2020, (i) RTIH acquired 875,000 units, at a price of C$0.43 per unit, comprising 870,000 common shares of Entree and warrants to acquire an additional 437,500 common share of Entr�e and (ii) TRQ acquired 740,000 units, at a price of C$0.43 per unit, comprising 740,000 common shares of Entr�e and warrants to acquire an additional 370,000 common share of Entr�e. The warrants are exercisable at a price of C$0.60 per common share of Entr�e for a period of three years.

Immediately prior to the private placement, Rio Tinto beneficially owned 30,366,129 common shares of Entr�e (16,566,796 common shares held by RTIH and 13,799,333 common shares held by TRQ), representing approximately 17.3% of the issued and outstanding common shares of Entr�e. Since the date of Rio Tinto�s last early warning report in 2012 in respect of the common shares of Entr�e, Rio Tinto�s security holding percentage in the common shares of Entr�e decreased by approximately 6.3% from approximately 23.6% to approximately 17.3% as a result of common share issuances by Entr�e.

Immediately following the private placement, Rio Tinto beneficially owned 31,981,129 common shares of Entr�e, representing approximately 17.2% of the issued and outstanding common shares of Entr�e (based on there being 185,748,074 common shares of Entr�e issued and outstanding) and a decrease of approximately 0.1%. If Rio Tinto were to exercise all of the warrants acquired by it, Rio Tinto could beneficially own approximately up to 17.6% of the issued and outstanding common shares of Entr�e.

Rio Tinto�s participation in the private placement was made for investment purposes and is exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 � Protection of Minority Security Holders in Special Transactions � based on the fact that neither the fair market value of the units subscribed for by insiders of Entree, nor the consideration paid by insiders of Entr�e for the units, would exceed 25% of Entr�e�s market capitalization.

Rio Tinto has no present intention of acquiring additional securities of Entr�e. Depending upon its evaluation of the business, prospects and financial condition of Entr�e, the market for Entr�e�s securities, general economic and tax conditions and other factors, Rio Tinto may directly or indirectly acquire or sell some or all of the securities of Entr�e.

Contacts

[email protected]
riotinto.com

Follow @RioTinto on Twitter

Media Relations, United Kingdom
Illtud Harri

M +44 7920 503 600

David Outhwaite

T +44 20 7781 1623

M +44 7787 597 493

Media Relations, Americas
Matthew Klar

T +1 514 608 4429

Media Relations, Asia
Grant Donald

T +65 6679 9290

M +65 9722 6028

Media Relations, Australia
Jonathan Rose

T +61 3 9283 3088

M +61 447 028 913

Matt Chambers

T +61 (0) 3 9283 3087

M +61 433 525 739

Jesse Riseborough

T +61 8 6211 6013

M +61 436 653 412

Investor Relations, United Kingdom
Menno Sanderse

T: +44 20 7781 1517

M: +44 7825 195 178

David Ovington

T +44 20 7781 2051

M +44 7920 010 978

Investor Relations, Australia
Natalie Worley

T +61 3 9283 3063

M +61 409 210 462

Amar Jambaa

T +61 3 9283 3627

M +61 472 865 948

Rio Tinto plc
6 St James�s Square

London SW1Y 4AD

United Kingdom

T +44 20 7781 2000

Registered in England

No. 719885

Rio Tinto Limited
Level 7, 360 Collins Street

Melbourne 3000

Australia

T +61 3 9283 3333

Registered in Australia

ABN 96 004 458 404

Category: Oyu Tolgoi