History
Infrastructure Materials Corp., formerly Silver Reserve, shifted from silver drilling to limestone, funded itself through repeated share issues, and by 2016 had delisted from the TSX and deregistered with the SEC.
2008-2010: Silver drilling and a turn to limestone
The company began as Silver Reserve Corp., an explorer focused on silver in Nevada. In June 2008 it signed a drilling contract with Christiansen Drilling, Inc., advancing $50,000 and planning 50,000 feet of drilling on the Medicine Project and 20,000 feet on the Silver Queen Project, at a possible total cost of up to $4.5 million. In August 2008 it completed a second private placement of 4,100,000 units at $0.50 each, about $2.05 million, each unit a share plus a half-warrant (a right to buy a further share later).
The record then goes quiet until 2010, by which time the company was called Infrastructure Materials Corp. In February 2010 it bought Canadian Infrastructure Corp. from CEO Todd Montgomery for 1,021,777 shares, with disinterested directors approving the deal. That added 94 quarry leases in Manitoba covering 6,090 hectares, for cement-grade limestone. In June 2010 it sold 6,973,180 shares at $0.23, raising $1,603,831.40. In July 2010 the U.S. Bureau of Land Management approved exploratory drilling at the Blue Nose limestone project in Nevada (301 claims), and the company posted a $240,805 reclamation bond.
2011-2012: Passing silver to partners
In March 2011 the company agreed to sell an 85% interest in its NL Extension silver project to International Millennium Mining Inc. (IMMI) for $350,000 plus 1,925,000 IMMI shares, paid over five years. It said it was selling silver projects to focus on limestone. In August 2011 it gave MGold Resources an option to earn 50% of the Silver Queen and Klondyke claims. MGold ended that option in March 2012, so the company kept full ownership.
Funding came from new shares. In June 2011 it sold 2,608,696 preferred shares at $0.115, and in December 2011 it completed a Canadian public offering of 26 million common shares at CDN$0.10, raising CDN$2.6 million. The filings do not say how the money was used.
2013-2015: Cheaper money and an unfinished sale
In March 2013 the company agreed to sell all its NL interest to IMMI for US$425,000 in cash. IMMI did not close, and the company terminated the agreement in October 2013, leaving the 2011 option and joint venture in place.
Funding got harder. In August 2013 it sold 33,333,333 shares at CDN$0.015 for CDN$500,000, far below the 2011 price of CDN$0.10. It also converted about US$293,000 owed to Mont Strategies, a company controlled by a director, into shares at CDN$0.05. Shares on issue rose from 98,935,486 at the end of 2013 to 138,304,619 at the end of 2014 (the year-end figures do not line up with the 2013 issues described in the beats, so the rise is not fully explained here). In March 2015 Mont Strategies also provided a two-year standby support agreement, though the lender was not obliged to fund it.
In December 2015 Gold Resource Corporation took a three-year option on the Clay Peters silver project. It paid about $121,000 in cash plus shares worth $200,000, and exercising would add about $270,000 plus shares worth $1,000,000, with the company keeping a 2% royalty.
2016: Leaving the exchange
In January 2016 the company received final approval to voluntarily delist from the Toronto Stock Exchange, with trading there ending on January 28, 2016. Its shares continued to be quoted on the OTC Pink Marketplace under IFAM. On May 13, 2016 it deregistered its securities, ending its obligation to file reports with the SEC. At that date it was still an exploration-stage company, holding the Blue Nose and Manitoba limestone projects, the Clay Peters option with Gold Resource and the NL joint venture with IMMI.
Written from the 15 story beats below (2008 to 13 May 2016), which come from the company's own announcements and filings.