Baymount Incorporated
TSX VENTURE : BYM

Baymount Incorporated

September 30, 2009 12:02 ET

Baymount Announces Unit Offering, Update re Plaza Transaction

TORONTO, ONTARIO--(Marketwire - Sept. 30, 2009) - Baymount Incorporated ("Baymount" or the "Company") (TSX VENTURE:BYM) announces that it is in the process of arranging a private placement financing of up to 66,666,667 units at price of $0.03 per unit for aggregate gross proceeds of up to $2,000,000. Each unit will consist of one common share of Baymount and one common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share at a price of $0.07 during the first year following closing and at a price of $0.10 during the second year following closing. Closing is expected to occur in multiple tranches, as subscription proceeds and supporting documentation are received. The proceeds from this financing 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.

Baymount also announces that work is continuing on its previously announced transaction with Plaza Gaming and Entertainment Corp. ("Plaza"), whereby Plaza will acquire a 75% equity interest in the Company's new Quinte Racetrack and Slots facility ("QRS") in Belleville, Ontario (see the Company's press release dated August 18, 2009 for further details). Further updates on this transaction will be provided as available.

About Baymount

Baymount 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, 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.

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

Forward-looking Statements

This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those contemplated. We consider the assumptions on which these forward-looking statements are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond our control, may ultimately prove to be incorrect.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.

Contact Information

  • Baymount Incorporated
    Mr. Graham Simmonds
    President and Chief Executive Officer
    416-979-2881 Ext.223
    graham@bym.ca