Business
ELYSEE earns $780,404 ($0.03 per share) during the three months ended February 28, 2019
Vancouver, British Columbia--(Newsfile Corp. - April 11, 2019) - Elysee Development Corp. (TS...
About this update from Elysee Development Corp
[{"type":"text","content":"ELYSEE earns $780,404 ($0.03 per share) during the three months ended February 28, 2019Vancouver, British Columbia--(Newsfile Corp. - April 11, 2019) - Elysee Development Corp. (TSXV: ELC) is pleased to announce its unaudited financial results for the first quarter ended February 28, 2019. All dollar amounts are in Canadian funds.During the three months ended February 28, 2019, Elysee earned $780,404 ($0.03 per share) as compared with net earnings of $914,568 ($0.04 per share) for the three months ended February 28, 2018. The earnings for the current quarter were primarily the result of realized gains on marketable securities of $507,958, unrealized gains on marketable securities of $325,568 and interest and dividend income of $53,095. Net investment income in this first quarter of fiscal 2018 totaled $890,269 as compared to $1,088,417 during the first quarter of fiscal 2018. The Company's Net Asset Value* (\"NAV\") increased from $13.9 million on November 30, 2018, to $14.2 million on February 28, 2019. On a per share basis, NAV rose from $0.52 to $0.53 per share during the period in spite of paying a dividend of $0.02 per share during the quarter.Guido Cloetens, the Chairman and CEO of Elysee, stated: \"We are extremely pleased to have been able to follow a record year in 2018 with a strong financial performance in the first quarter of fiscal 2019. Elysee's net asset value increased during the period while at the same time we returned over $500,000 to our shareholders by way of eligible dividends. Our cash position remains strong, with $2.9 million on hand as of the end of the quarter.\"In recent months, Elysee has invested almost $1.9 million for a 19% equity interest in US Vanadium LLC. (see news releases of November 28 and December 18, 2018). This investment was financed largely through the sale, at a substantial profit, of most of the shares we held in Largo Resources Ltd. By way of a tolling agreement with a U.S. refiner, US Vanadium LLC is currently processing vanadium bearing concentrate into different vanadium products like V2O5 and V2O3. Both production and sales are increasing steadily; Elysee will provide an update in due course.As of February 28, 2019, the five most significant investments held by Elysee were US Vanadium LLC, Kirkland Lake Gold Inc., TerraX Minerals Inc., IBC Advanced Alloys Corp. and Niocorp Devel...