Lions Bay Capital Inc. Reports Results for the Year Ended May 31, 2021 | 2021-09-28 | Press Releases
- Lions Bay achieved net income of $ 6.1 million for the fiscal year ended May 31, 2021
- The fair value of the Company’s investment portfolio is $ 11.5 million as at May 31, 2021
Vancouver, British Columbia – (Newsfile Corp. – September 28, 2021) – Lions Bay Capital Inc. (TSXV: LBI) (“Bay of Lions“or the”Society“) announces that the Company achieved net income of $ 6.1 million, or $ 0.05 per share, for the year ended May 31, 2021, compared to a net loss of $ 432,321, or 0, $ 00 per share, for the year ended May 31, 2020. Total number of shareholders Shareholders’ equity increased from $ 2.3 million to $ 11.0 million from May 31, 2020 to May 31, 2021 due to the increase in the market value of the Company’s investment portfolio during the year ended May 31, 2021 from $ 3.4 million to $ 11.5 million. As at December 31, 2021, Lions Bay had a fund working capital of $ 12.2 million.
Chairman and CEO John Byrne said: “We are now starting to see the results of our investment strategy and expect continuous improvement as these investments mature. Our biggest value investment is our stake in Elementos Ltd. which, as of May 31, 2021, was valued at $ 3.8 million. Elementos Ltd. is a tin exploration and development company and owns the Oropesa tin project in Spain. This is one of the best undeveloped tin projects in the world and we expect development to begin in 2022 following the delivery of a bank feasibility study. Elementos Ltd. recently completed a very successful drilling program and a new resource estimate is expected next month. two of our other listed investments, Parkway Minerals and South Harz Potash, have been successful in raising funds over the past six months and are now well positioned to implement their respective business plans. “
The other two major investments listed are Fidelity Minerals Corp and Kalina Power Ltd. It took almost three years to restructure Fidelity and acquire world-class projects. We believe that Fidelity will be able to deliver a new NI43-101 report to Las Huaquillas by September 2022 and that this will form the basis for negotiations with major mining groups.
Kalina Power is listed on ASX and has worldwide patents on green technology that converts low temperature heat into electricity. “Kalina is in the right space at the right time with the right technology,” Mr. Byrne said. “The share price has the potential for a revaluation, as we anticipate, Kalina is going through the first of a number of projects in Alberta over the next three months and is listed on a North American Stock Exchange.”
Lions Bay management plans to convert profits from its equity investments into vested interests in long-term resource projects.
Lions Bay has entered into an option agreement with the holder of potential rare earth exploration concessions in Victoria, Australia. Under the terms of this agreement, LBI has 120 days to decide whether it wishes to enter into a joint venture allowing it to acquire a 50% interest in the properties by spending AU $ 5.0 million (C $ 4.6 million). over 3 years. A potentially significant rare earth discovery has been made on adjacent lands by Australian Rare Earths. Rare earths are contained in an ionic clay formation similar to those that harbor rare earths in China. Lions Bay plans to begin a drilling program in October to test the continuity of rare earths and clays.
About Lions Bay Capital Inc.
Lions Bay Capital Inc. is a TSX Venture listed investment issuer focused on high yield investment opportunities primarily in the mining, clean energy and clean technology sectors. , where it provides strategic and financial support to public and private companies.
On behalf of the Lions Bay Board of Directors.
Phone. : +61 3 9236 2800
Email: [email protected]
For more information, please visit the company’s website at www.lionsbaycapital.com or contact the persons above.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER (AS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Disclaimer and forward-looking statements: This press release contains forward-looking statements. Forward-looking statements are statements that relate to future events or future financial performance. In some cases, you can identify forward-looking statements by using terms such as “may”, “should”, “intend”, “expect”, “plan”, “anticipate”, “believe”, ” estimate ”,“ project ”,“ predict ”,“ potential ”or“ continue ”or the negative of these terms or any other comparable terminology. These statements speak only as of the date of this press release. This press release may also contain inferences to forward-looking financial information (“FOFI”) within the meaning of applicable securities laws. The information in this press release has been prepared by our management to provide readers with a perspective on our future activities.
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