Timeline of Events
May 30, 1988: Bre-X Minerals is incorporated as a junior mining company by David Gordon Walsh, who’d struck out on his own after resigning as a vice-president of a national securities firm that moved him to Calgary from Montreal. Forty-three per cent of the outstanding shares were owned by Bresea Resources, a company Walsh had incorporated in the early 1980s.
July 11, 1989: Bre-X begins trading on the Alberta Stock Exchange with the issue of one million 30-cent shares.
The company’s prime objective is to explore for gold in the Northwest Territories. It’s a risky venture. Its prospectus states buying Bre-X stock would be “highly speculative due to the nature of the corporation’s business and present stage of development.”
June 1992: With little money rolling in and mounting debt, Walsh declares personal bankruptcy.