Resource financier raises stake in Birchcliff
Toronto financier Seymour Schulich has upped his stake in Birchcliff Energy Ltd (TSX: T.BIR, Stock Forum), a Calgary oil and gas company which reported a sharp increase in first quarter earnings, Tuesday.
The company said profit in the quarter was $2.7 million or 2 cents a share, compared to a loss of $9.6 million or 9 cents in the same period last year. First quarter revenue increased to $38.9 million from $32.7 million a year earlier.
Birchcliff said it has been advised that Mr. Schulich recently acquired an additional one million shares for investment purposes, increasing his stake in the company to 32 million shares or 25.7%.
Mr. Schulich is a Toronto-based businessman and philanthropist who is best known for acquiring royalty interests in large mining developments, including the Goldstrike gold mine in Nevada.
On Tuesday, Birchcliff shares eased 1.43% to $8.97.
Copyright 2010 Stockhouse
