CALGARY, AB – March 8, 2023 – Strategem Capital Corporation (“Strategem” or the “Company”) (TSX-V: SGE) announced its financial results for the year ended December 31, 2022. Strategem reports all amounts in Canadian dollars.
- At December 31, 2022, the Company had deployed 85% of its capital in short-term investments and had a remaining cash balance of $1.8 million
- During the year ended December 31, 2022, the Company recorded total losses of $19.6 million consisting of interest, dividends and other income of $471 thousand gain on sale of investments of $108 thousand and unrealized loss on investments of $20.2 million.
- The net loss for the year ended December 31, 2022 was $17.6 million or loss per share of $1.88, compared to net income of $8.3 million or earnings per share of $1.10 for the prior year
- During the year ended December 31, 2022, 127,400 Class A common shares were purchased for $228 thousand under the approved Normal Course Issuer Bid. These common shares were returned to Treasury and cancelled.
- The Company’s objective is to own and manage high growth businesses in resource exploration and development, mining, energy production and agriculture. Management continues to explore prospective businesses and may take advantage of opportunities stemming from recent market volatility.
The reported earnings include unrealized mark-to-market values in the Company’s short-term trading portfolio. The value of the Company’s investments and the income derived from investments will fluctuate. Current results may not be indicative of the future or likely performance of any investment.
The Company’s most recent financial statements are available under the Company’s SEDAR profile at www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS:
President & Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain forward-looking statements, including, but not limited to, expectations as to the use of proceeds from the Offering and final acceptance by the TSX Venture Exchange. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements such as the final acceptance from the TSX Venture Exchange may be delayed or may not be obtained and the use of proceeds may not be as anticipated. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.