Soon, Bre-X claimed to have found 71 million ounces of gold deposits, which was worth about $25 billion (US). By September of the same year, drilling began and reasonable amounts of gold were estimated but to continue the operation, Bre-X needed more capital. In March 1994, Walsh initiated the first private placement with Loewan Ondaatje McCutcheon, Ltd. for $4.5 billion (C). More estimates with larger results were made and several more private placements were initiated with Nesbitt Burns, ScotiaMcLeod, and McLean McCarthy Ltd. joining Loewan Ondaatje McCutcheon Ltd. for $7.5 billion (C) in Bre-X common shares. .
Beginning of October 1995, Bre-X stocks began its steep climb, as this penny stock company rose to a price of $14.87 (C). This was a result from the announcement that Bre-X estimated even more gold deposits on their explored lands. The company gained attention from numerous analysts and their recommendations to the company gave even more assistance in the company's success. Freeport McMoRan, the partner mining company Indonesian government required Bre-X to partner-up with reported that no significant amount of gold was found but the details were passed without any consideration. Some even argued that Freeport McMoRan was attempting to bring Bre-X's stocks down due to their inability to compete with Bre-X. Moreover, the strength of Bre-X continued to rise. Furthermore, Bre-X maintained their private placements. Addition of Beaubien Geoffrion, Levesque and First Marathon Securities, the stock price raised $13.88 (C) to $153 (C) in one day. After larger estimates were again reported to the public, Bre-X entered into the Toronto Stock Exchange with a stock price of $187.50 (C) per share. .
When Bre-X was admitted to the TSE, the TSE regulators only asked for the company's prospectus and their listing statement. Bre-X presented its prospectus prepared in the past statements created during Bre-X's Canadian mining days.