Baymount Incorporated
TSX VENTURE : BYM

Baymount Incorporated

February 29, 2008 14:32 ET

Baymount Announces Closing of $250,000 Share Subscription

TORONTO, ONTARIO--(Marketwire - Feb. 29, 2008) - Baymount Incorporated ("Baymount" or the "Company") (TSX VENTURE:BYM) is pleased to announce the closing of its previously announced private placement subscription for 2,500,000 common shares at a price of $0.10 per share for gross proceeds of $250,000. The offering was completed on a non-brokered basis and no finders' fees were paid. In accordance with applicable securities laws, the foregoing common shares are subject to four-month hold period that will expire on June 26, 2008. The proceeds from this subscription will be used to build and develop the Quinte Raceway and Slots, a new racetrack and slot facility to be located in Belleville, Ontario.

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 ("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.

ON BEHALF OF BAYMOUNT INCORPORATED

Graham Simmonds, President & Chief Executive Officer

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.

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

Contact Information

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