Business
ELYSEE earns $357,992 ($0.016 per share) during the nine months ended August 31, 2017
Vancouver, British Columbia--(Newsfile Corp. - October 6, 2017) - Elysee Development Corp. ...
About this update from Elysee Development Corp
[{"type":"text","content":"ELYSEE earns $357,992 ($0.016 per share) during the nine months ended August 31, 2017Vancouver, British Columbia--(Newsfile Corp. - October 6, 2017) - Elysee Development Corp. (TSXV: ELC) is pleased to announce that its unaudited financial statements and management discussion and analysis for the three and nine months ended August 31, 2017 are now available for viewing on SEDAR and at www.elyseedevelopment.com. All dollar amounts are in Canadian funds. During the nine months ended August 31, 2017 (\"the current period\"), Elysee had net earnings of $357,992 as compared with net earnings of $5,440,583 for the nine months ended August 31, 2016 (\"the prior period\"). The earnings for the current period were primarily the result of realized gains on marketable securities of $1,085,507 and interest and dividend income of $73,684, offset by unrealized losses on marketable securities of $410,226 and operating expenses of $343,486. Earnings during the prior period were the result of realized gains of $1,988,029, unrealized gains of $3,699,126 and interest and dividend income of $107,506, offset by operating expenses of $348,054. As a result of the foregoing, Elysee earned $0.016 per share for the nine months ended August 31, 2017 as compared to earnings per share of $0.259 during the prior period. As at August 31, 2017, the fair value of the company's investments in marketable securities was $10,503,509 as compared with $10,516,494 as at November 30, 2016. Cash and cash equivalents at August 31, 2017 totaled $734,696 as compared to $1,214,972 at November 30, 2016. The Company's only debt was comprised of trade payables of $1,341 as of August 31, 2017. During the third quarter of fiscal 2017 (from June 1 to August 31, 2017) the TSX-V Composite Index declined almost 3 %. The market for junior mining equities continued to experience moderate selling pressure. Elysee was able to take advantage of opportunities available in other industry sectors as well as junior gold exploration. In that regard, we increased our position in Scozinc Mining Ltd. and participated in financings for IBC Advanced Alloys Corp, Wealth Minerals Ltd., HIVE Blockchain Technologies Ltd., Fiore Gold Ltd. and Jericho Oil Corporation. As of August 31, 2017, Elysee's net asset value (\"NAV\") was $0.51 per share. The five most significant positions held by Elysee on that...