TORONTO, ONTARIO--(Marketwire - April 28, 2011) - AlphaNorth Asset Management ("AlphaNorth") announces it has acquired control or direction over 3,333,400 common shares and 3,333,400 common share purchase warrants of Baymount Incorporated ("Baymount") in connection with the completion of a private placement offering of units ("Units") at a price of $0.075 per Unit. Each Unit is comprised of one common share and one common share purchase warrant. As a result of the acquisition, AlphaNorth exercises control or direction over an aggregate of 3,333,400 common shares and 3,333,400 common share purchase warrants of Baymount, representing approximately 22.6% of the issued and outstanding common shares of Baymount (assuming exercise of all the common share purchase warrants over which AlphaNorth exercises control or direction). AlphaNorth relied on the "accredited investor" exemption from the prospectus requirement in connection with the acquisition contained in section 2.3 of National Instrument 45-106 Prospectus and Registration Exemptions.
The common shares of Baymount are listed on the TSX Venture Exchange and trade under the trading symbol "BYM". AlphaNorth acquired the securities for investment purposes. Depending on market conditions, AlphaNorth may in the future increase or decrease its investment in Baymount.
An Early Warning Report respecting this acquisition will be filed on the System for Electronic Document Analysis and Review ("SEDAR") under Baymount's profile and can be viewed at www.sedar.com.
Neither the 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 this news release.
Contact Information:
Steve Palmer, CEO
416-506-0797