CALGARY, AB – August 23, 2022 – Strategem Capital Corporation (“Strategem” or the “Company”) (TSX-V: SGE) announced its financial results for the three and six months ended June 30, 2022. Strategem reports all amounts in Canadian dollars.
Corporate Commentary
- At June 30, 2022, the Company had deployed 88% of its capital in short-term investments and had a remaining cash balance of $2.9 million
- During the three and six months ended June 30, 2022, the Company recorded total revenue of negative $10.8 million and $16.2 million, respectively, consisting of interest, dividends and other income of $85 thousand and $255 thousand, gain on sale of investments of $nil and $108 thousand and unrealized loss on investments of $10.9 million and $16.5 million.
- The net loss for the three and six months ended June 30, 2022 was $11 million or loss per share of $1.17 and $15.1 million or $1.61, respectively, compared to net loss of $1.5 million or loss per share of $0.22 and net income of $5.9 million or earnings per share of $1.07, respectively, for the prior year comparable periods.
- 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 New Share Option Plan was approved by the shareholders at the Annual General and Special Meeting held on July 13, 2022.
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:
“Jo-Anne O’Connor”
Jo-Anne O’Connor
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.
Forward-Looking Statements
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.
