Baymount Incorporated
TSX VENTURE : BYM

Baymount Incorporated

December 21, 2007 17:13 ET

Baymount Announces Closing of $2M Private Placement Offering

TORONTO, ONTARIO--(Marketwire - Dec. 21, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

BAYMOUNT INCORPORATED ("Baymount" or the "Company")(TSX VENTURE:BYM) is pleased to announce the closing of its previously announced offering of common shares. Baymount has accepted subscriptions for an aggregate of 20,181,000 Common Shares at a price of $0.10 per share for gross proceeds of $2,018,100. The offering was completed on a non-brokered basis, with fees in the aggregate amount of $54,467 being paid to certain registered firms as compensation for their assistance with the offering. In accordance with applicable securities laws, the foregoing common shares are subject to a four-month hold period that will expire on April 22, 2008.

Net proceeds from the Offering will be used to build and develop the Quinte Raceway and Slots, a new racetrack and slot facility to be located in Belleville, Ontario and for working capital purposes.

Mr. Graham Simmonds, President and CEO of Baymount stated, "We are delighted with the response and support from investors, many of whom are strategic, and to strengthen the company's financial position entering 2008. The company will now focus on the timely construction of the new Quinte Raceway and Slots and on establishing a smooth path to revenue and profitability."

About Baymount

The Company seeks out and develops opportunities within the horseracing industry. It is the Baymount philosophy to create entertainment destinations for consumers while providing our investors with a vehicle that allows them to participate in the growth of Canadian gaming at racetracks.

Baymount's wholly-owned subsidiary Belleville Racetrack Development Corporation ("BRDC") has an agreement with the Belleville Agricultural Society to build a facility to relocate the Quinte Exhibition and Raceway in Belleville, Ontario. QER is one of the 18 racetrack licenses in Ontario eligible to participate in Ontario's Slots-at-Racetracks program. In 2006, the Alcohol and Gaming Commission of Ontario found BRDC suitable to act as Landlord for the proposed OLG gaming premises to be located at the new QER. The Company has also received Preliminary Approval for a License to Operate a Racetrack from the Ontario Racing Commission.

Forward Looking Statements

Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

For additional information please visit the company's website at www.bym.ca.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Baymount Incorporated
    Graham Simmonds
    President and Chief Executive Officer
    (416) 979-2881 Ext.223
    Email: graham@bym.ca
    Website: www.bym.ca