Business
ELYSEE earns $53,271 during the three months ended March 31, 2021
Vancouver, British Columbia--(Newsfile Corp. - May 4, 2021) - Elysee Development Corp. (TSXV:...
About this update from Elysee Development Corp
[{"type":"text","content":"ELYSEE earns $53,271 during the three months ended March 31, 2021Vancouver, British Columbia--(Newsfile Corp. - May 4, 2021) - Elysee Development Corp. (TSXV: ELC) is pleased to announce its unaudited financial results for the three months ended March 31, 2021 (\"Q1 2021\"). All dollar amounts are in Canadian funds.Highlights from the Q1 2021 results include:A cash offer of $2.65 per share of Battle North Gold Corporation and cash offer of $2.20 per share of TMAC Resources Inc.;A realized gain of approximately $543,000 on shares of Nextsource Materials Inc.;Net income of $53,271 in Q1 2021 as compared to a loss of $4,424,627 in Q1 2020;Net investment income of $155,255 in Q1 2021 as compared to a loss of $4,315,217 in Q1 2020;Net Asset Value per share of $0.64 per share as of March 31, 2021 after paying a $0.03 per share dividend during the quarter; and Net Asset Value per share rebounded to approximately $0.68 per share as of April 30, 2021.Guido Cloetens, the Chairman and CEO of Elysee, stated: \"We are very pleased that we closed Q1 on a positive note. The first quarter of 2021 was a difficult quarter for gold and silver stocks as evidenced by the decline of almost 20% of the GDXJ, the leading tracker for junior gold and silver miners. More than half of Elysee's overall investment portfolio (excluding cash) consists of investments in junior gold and silver miners and exploration companies. Nevertheless, Elysee was able to record a net profit of $53,271 for the quarter due in part to the significant gains on other investments like Nextsource Materials (graphite), Oroco Resource (copper), Niocorp (niobium) and Canada Nickel Inc.\"In the first quarter of 2021 the Company invested $270,000 in units of Wildpack Beverage Alberta Inc. and committed $250,000 to a financing for Green Impact Operating Corp. Both of these companies are planning to go public later this year. For more information on these two investments and others made during the period, please refer to our news releases of April 6, 2021 and the MD&A dated May 3, 2021. The net asset value on March 31 was $0.64 per shares. The decline in Q1 2021 was mostly due to the payment of a dividend of 3 cents per share during the period. With the rebound of precious metals indices since March 31st, the value of Elysee's portfolio increased significantly, with the Net Asset Valu...