Elysee Provides Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - June 4, 2021) - Elysee Development Corp. (TSXV: ELC) is pleased to provide an update of its recent investment activities. All dollar amounts are in Canadian funds unless otherwise indicated.
The second quarter of 2021 has been active for Elysee Development Corp. Several of our private investments obtained a public listing on an exchange while others, like Battle North Gold Corporation, accepted a buy-out offer for cash on which we realized a significant profit, and Gold X Mining Corp. agreed to be acquired in an all-share transaction by Gran Columbia Gold Corp.
We realized further profits on some of our larger holdings like Oroco Resource Corp., Alexco Resource Corp., and Western Copper and Gold Corp., as well as from the sale of several smaller positions.
Based on the closing prices of our investments as of May 28, 2021, we estimate that the Net Asset Value of Elysee increased to approximately $19.8 million ($0.71 per share), which includes a net cash position of $4.3 million.
During the quarter, we increased our holdings in Fiore Gold Ltd. and Wolverine Energy and Infrastructure Inc. and participated in the following private placements:
- Southern Silver Corp. - 200,000 units at $0.50 per unit
- GR Silver Mining Ltd. - 150,000 units at $0.59 per unit
- Blackrock Silver Corp. - 125,000 units at $0.75 per unit
- KORE Mining Ltd. - 100,000 units at $0.95 per unit
Since April 1, 2021, the following private companies we hold commenced trading:
- Sierra Madre Gold and Silver Ltd. - a mineral exploration company, currently focused on the acquisition, exploration and development of the Tepic Property in Nayarit, Mexico. Elysee acquired 180,000 shares at $0.50 in a private placement of subscription receipts completed in the fall of 2020.
- Wildpack Beverage Inc. - a company engaged in beverage manufacturing and packaging, can filling and decorating services to beverage brands throughout the United States. Elysee acquired 300,000 units at $0.90 per unit.
- Green Impact Partners Inc. - a clean, renewable energy company with a portfolio of revenue generating operations in Canada and the U.S. Elysee subscribed to 25,000 shares at $10 per share and expects to receive approximately 15,000 shares as a special dividend to be paid by Wolverine Energy and Infrastructure Inc..
- Full Metal Minerals Ltd. - a mineral exploration and development company focused on projects located in southwestern British Columbia. Elysee acquired 500,000 shares at $0.08 per share.
In May 2021 US Vanadium LLC ("USV"), our largest private equity investment, raised an additional US$5 Million in equity from a new shareholder that will allow USV to optimize and expand its operations to take advantage of increased demand, and higher prices, for vanadium and vanadium pentoxide.
For more information on the Company, and an updated corporate presentation, please visit our web site at www.elyseedevelopment.com.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Elysee Development Corp.
Tel: (778) 373-1562
Chairman and CEO
Tel: (778) 985-8011
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf, except as required by applicable law.
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