• raising $175 million for Goldcorp, a
closed-end fund created to invest in gold and
gold equities; this transaction remains the
largest ;nancing ever completed by a
closed-end gold fund; and,
Between 1985 and 1988, the mining team’s
e;orts at Merrill Lynch Canada Inc included
29 ;nancing activities with a combined value
of over C$2.8 billion.
Do you have a personal credo that
describes your investing philosophy?
My personal credo that describes my
personal investing philosophy is to, “buy low
and sell high.” In order to succeed in
business, you must provide the highest
quality independent ;nancial advisory
service which results in happy customers as
everyone involved enjoys a payday.
;e best example of this was at Merrill
Lynch when we ;nanced the discovery and
development of Barrick’s Gold Strike mine in
Nevada. Gold Strike became a world-class
gold deposit capable of producing more than
1 million ounces of gold per year, and even
30 years later the deposit still has proven and
probable reserves of 8. 5 million ounces of
gold. ;is discovery enabled Barrick to be
the best performing stock on the NYSE in
1986, 1987 and 1988 and allowed Peter
Munk and Bob Smith to build one the best
gold companies in the world.
;e wealth created from this one gold deposit
was evident in Barrick’s stock price – in just 2
years, Barrick’s stock rose from $1 per share to
$40 per share. ;us, Barrick made its
shareholders a pile of wealth and a lot of very
Over the past 28 years, IBK Capital Corp. has
continued to ;nance gold exploration companies which resulted in a number of major gold
mines. IBK Capital has a proven track record
of creating long-term value through numerous
market cycles. Please see the IBK Capital,
“Perseverance Pays” marketing document for
more details on IBK Capital deals.
What did winning the PCM Award for
Founding Leadership mean to you?
It is an honour to receive such an award. I
have been blessed to be part of the founding
team that created the Exempt Market Dealers
Association of Canada, which has thrived and
became the Private Capital Market Dealers
Association of Canada. ;ere were times that
we were ;ghting for the survival of our
industry and our ;rms. We remained steadfast
in our ;ght thanks to the united voice and
e;ort which conveyed the signi;cant impor-
tance of capital formation by small and
medium size enterprises (“SME’s”) to Canada.
;is capital formation by SME’s is the heart of
a healthy Canadian economy for which I am
proud to be a part of. ;ank you for this
award. I am grateful.
With the adage, “Membership has its
Privileges”, please ;nish this sentence:
Joining the Private Capital Markets
Association of Canada is imperative
Impediments continue to persist in Canada
that hinder responsible and e;cient creation
of investment capital. ;e uncertainty and
potential liability of these impediments drive
away investment and hurt small and medium
size businesses. Consequently, there quickly
becomes no capital formation and no “up and
coming” SMEs for bigger organizations in
Canada to bene;t from, which in turn causes
a decline in the economy.
IBK Capital is an Exempt Market Dealer
(“EMD”) and we are in the business of capital
formation by putting our own money and our
clients’ money into SMEs. For 28 years, IBK
Capital has supported SMEs by raising them
over $835 million. ;e Private Capital
Markets Association of Canada and the voice
of its members is imperative for our survival
and the survival of our industry as we know it.
Here is what one year looked like in terms of clients, ;nancial instruments, size of ;nancings, closing dates and our mining team’s management of those o;erings.
ISSUER DATE OFFERED MINING TEAM INVOLVEMENTS ISSUE SIZE MARKETS T YPE OF FINANCING
Hemlo Gold Mines
American Barrick Resources
First Exploration Fund
CMP (Quebec) Resource
Canada & Intl.
Unit (1 Common Share & ½
Deferred Payment Right)
Unit (1 Common Share &
Common Shares and
Warrants (Bought Deal)
1996 Dual Option Warrants
7.75% Cum. Red.
Conv. Pfd., Series C
THE TEAM’S PRIOR EXPERIENCE IN FINANCING ACTIVITIES*