Business
Elysee Earns $3,176,936 ($0.153 per Share) during the Six Months Ended May 31, 2016
VANCOUVER, BC / ACCESSWIRE / July 14, 2016 / Elysee Development Corp. (TSXV: ELC) has releas...
About this update from Elysee Development Corp
[{"type":"text","content":"Elysee Earns $3,176,936 ($0.153 per Share) during the Six Months Ended May 31, 2016VANCOUVER, BC / ACCESSWIRE / July 14, 2016 / Elysee Development Corp. (TSXV: ELC) has released its unaudited financial statements and management discussion and analysis for the three and six months ended May 31, 2016, both of which are available for viewing on SEDAR and at www.elyseedevelopment.com. All dollar amounts are in Canadian funds.\nDuring the six months ended May 31, 2016 (\"the current period\"), Elysee had net earnings of $3,176,936 as compared with net earnings of $1,071,493 for the six months ended May 31, 2015 (\"the prior period\"). The earnings for the current period were primarily the result of realized gains on marketable securities of $886,960, unrealized gains on marketable securities of $2,393,496 and interest and dividend income of $76,718. Earnings during the prior period were the result of net investment gains of $1,031,632, an unrealized foreign exchange gain of $147,428 and interest and dividend income of $28,379. As a result of the foregoing, Elysee earned $0.153 per share for the six months ended May 31, 2016 as compared to earnings per share of $0.050 during the prior period. \nDuring the second quarter of the current period, our results were favorably impacted by extensive mergers and acquisitions activity in the gold mining sector, with several companies in our portfolio being the subject of take-over offers. These included Lake Shore Gold Corp. being acquired by Tahoe Resources; Claude Resources Inc. being acquired by Silver Standard Resources; Niogold Mining being acquired by Oban Mining (now Osisko Mining Inc.) and Kaminak Gold Corporation receiving a take-over offer from Goldcorp. We converted our substantial position in convertible bonds of Lake Shore Gold into shares of Tahoe Resources and subsequently sold the entire position. We also reduced our positions in Osisko Mining and Kaminak Gold at a significant profit. \nDuring the current period, we took part in several financings. We subscribed for additional shares of Focus Ventures and participated in private placement financings for IBC Advanced Alloys, Rye Patch Gold, and Alexco Resource Corp. In addition, we elected to take advantage of Niocorp's warrant incentive program which enabled the company to exercise its remaining warrants of Niocorp at a reduced p...