Business
Elysee Earns $2,330,345 ($0.09 per Share) During the Third Quarter of 2020; Declares Interim Dividend of $0.01 per Share
Vancouver, British Columbia--(Newsfile Corp. - November 2, 2020) - Elysee Development Corp. (...
About this update from Elysee Development Corp
[{"type":"text","content":"Elysee Earns $2,330,345 ($0.09 per Share) During the Third Quarter of 2020; Declares Interim Dividend of $0.01 per ShareVancouver, British Columbia--(Newsfile Corp. - November 2, 2020) - Elysee Development Corp. (TSXV: ELC) is pleased to announce its unaudited financial results for the three and nine month periods ended September 30, 2020. All dollar amounts are in Canadian funds. Highlights of the results for the three and nine months ended September 30, 2020 (Q3 2020) include:Net income increased to $2,330,345 ($0.09 per share) in Q3 2020 from $232,474 in Q3 2019;Net earnings for the nine months ended September 30, 2020 were $2,709,872 ($0.10 per share) as compared to $935,538 ($0.03 per share) during the comparable period a year prior; andNet Asset Value increased to $0.64 per share at September 30, 2020 from $0.57 per share at December 31, 2019.Based on this strong financial performance, and in accordance with the Company's policy of returning cash to the shareholders whenever prudent, the board of directors of Elysee has declared an interim dividend for fiscal 2020 of one cent ($0.01) per common share. The dividend is to be paid on November 27, 2020 to shareholders of record on November 19, 2020. This is an eligible dividend for Canadian income tax purposes.Guido Cloetens, the Chairman and CEO of Elysee, states: \"We are extremely pleased with the strong returns achieved by our investment portfolio during the third quarter of 2020. In the second quarter, we deployed our cash by participating in a number of private placement opportunities and by purchasing undervalued shares in the open market. The resumption of the bull market in exploration stocks and junior miners in the third quarter provided us with the opportunity to realize significant gains and to rebuild our cash position. With our current cash position now in excess of $4.1 million (15 cents per share), we remain focused on our core strategy of identifying and investing in high quality mining and exploration companies, mostly in the gold and silver sector. As an example, we recently invested in the pre-listing financing rounds for three exploration companies expected to go public in the near future, all with compelling stories.\"As of September 30, 2020 the most significant publicly traded investments held by Elysee were Kirkland Lake Gold Inc., Gold Terra Resource...