IBK Capital was involved in the development of Ontario and Quebec’s diamond industry through its financial advisory work for Metalex Ventures Ltd. IBK Capital raised $3.3 million to fund Metalex’s exploration program in the James Bay Lowlands, the site of De Beer’s Victor diamond pipe. Metalex’s founder is Chuck Fipke, credited with the discovery of the EKATI Diamond Mine in the Northwest Territories of Canada. IBK Capital raised approximately $9.2 million for Gemhouse Inc. through private placements of common shares, the proceeds of which were used to acquire emerald properties in Africa. In 2004, Gemhouse was renamed Gemfields Resources PLC and went public in 2005 on the AIM Market. IBK Capital has completed several private placement financings for American Gem Corporation, raising a total of $50 million. American Gem was a Montana-based company involved in developing mineral properties containing sapphires, as well as the marketing of these sapphires. IBK Capital advised American Gem to obtain a listing on the Toronto Stock Exchange through the reverse take-over mechanism.