Baymount Incorporated
TSX VENTURE : BYM

Baymount Incorporated

March 15, 2011 18:13 ET

Baymount Announces Completion of $1,360,000 Unit Offering

TORONTO, ONTARIO--(Marketwire - March 15, 2011) - Baymount Incorporated ("Baymount" or the "Company") (TSX VENTURE:BYM) is pleased to announce the completion of its previously announced non-brokered offering of units ("Units") at a price of $0.075 per Unit (the "Offering"). The Offering was oversubscribed and an aggregate of 18,133,333 Units were issued upon closing, for aggregate gross proceeds of $1,360,000. Each Unit is comprised of one common share in the capital of the Company (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant is exercisable into one Common Share at a price of $0.10 for a period of 12 months. Finder's fee commissions were paid in connection with this Offering to certain registered dealers and exempt market dealers, consisting of an aggregate of $31,220 in cash commissions and 416,272 compensation warrants, with each such warrant being exercisable into one Common Share at a price of $0.075 for a period of 12 months. The proceeds of the Offering will be used to fund the development of the Company's project in Belleville, Ontario, to fund existing payables and for general working capital purposes. All securities issued in connection with the Offering will be subject to a four month hold period that will expire on July 16, 2011. 

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 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.

ON BEHALF OF BAYMOUNT INCORPORATED

Graham Simmonds, President and Chief Executive Officer

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

Forward-looking Statements

This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about the closing of the Offering and the use of proceeds of the Offering. Forward-looking information is based on the opinions and estimates of management that, which considered reasonable, 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 information. Such risks and uncertainties include, but are not limited to, risks associated with the horseracing industry, the ability of the Company to fund the capital and operating expenses necessary to achieve the business objectives of the Company, as well as those risks described in public disclosure documents filed by the Company. Due to the risks, uncertainties and assumptions inherent in forward-looking information, prospective investors in securities of the Company should not place undue reliance on such forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

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
    416-843-2881
    graham@bym.ca
    www.bym.ca