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Elysee Earns Record $4,804,154 ($0.18 per share) During the Three Months Ended June 30, 2020, Offsetting First Quarter Loss
Vancouver, British Columbia--(Newsfile Corp. - July 28, 2020) - Elysee Development Corp. (TS...
About this update from Elysee Development Corp
[{"type":"text","content":"Elysee Earns Record $4,804,154 ($0.18 per share) During the Three Months Ended June 30, 2020, Offsetting First Quarter LossVancouver, British Columbia--(Newsfile Corp. - July 28, 2020) - Elysee Development Corp. (TSXV: ELC) is pleased to announce its unaudited financial results for the three and six month periods ended June 30, 2020. All dollar amounts are in Canadian funds. Highlights of the results for the three months ended June 30, 2020 (Q2 2020) include:Net income increased to $4,804,154 ($0.18 per share) in Q2 2020 from a loss of $4,424,627 ($0.16 per share) during the three months ended March 31, 2020 (Q1 2020);Net earnings for the six months ended June 30, 2020 were $379,527 ($0.01 per share) as compared to $703,064 ($0.03 per share) during the comparable period a year prior; andNet Asset Value per share remained stable at $0.56 per share at June 30, 2020, notwithstanding payment of a cash dividend of 2 cents per share in Q1 2020.Guido Cloetens, the Executive Chairman of Elysee, reviews the results for the quarter: \"We are extremely pleased with the dramatic turnaround of our investment portfolio during the second quarter of 2020, completely reversing our unrealized loss on our portfolio during the first quarter as a result of the onset of the COVID-19 pandemic. Our strategy of focusing on the precious metals sector worked out very well in Q2, resulting in our highest quarterly profit in the history of the Company. Rising gold and silver prices have lead to a strong bull market in exploration stocks and junior miners, which currently comprise over half of our overall investment portfolio. \"The second quarter of 2020 was very active for Elysee. We liquidated small underperforming positions and participated in many private placements of junior mining and exploration companies. Most notable was our acquisition of 500,000 units of Reyna Silver at $.20 per unit, our subscription to 300,000 units of New Placer Dome Gold and the purchase of 200,000 units of Freeman Gold Corp. In addition, we acquired shares on the open market of Battle North Gold, Corvus Gold, Cartier Resources, Dundee Precious Metals and Sabina Gold and Silver. \"The third quarter of 2020 has started on a very strong note with the value of our investment portfolio reaching a new high. Please visit our website and review our MD&A for more details on indiv...