Baymount Incorporated
TSX VENTURE : BYM

Baymount Incorporated

April 03, 2009 17:32 ET

Baymount Announces Completion of Unit Offering

TORONTO, ONTARIO--(Marketwire - April 3, 2009) - Baymount Incorporated ("Baymount" or the "Company") (TSX VENTURE:BYM) announces that its previously announced offering of up to $1.5 million of units at price of $0.035 per unit (as previously announced on December 23, 2008, January 28, 2009 and March 4, 2009) has been completed. An aggregate of 18,112,855 units were issued under this offering for total gross proceeds of $633,949.92. Insiders acquired an aggregate of 3,427,142 units under the offering (approximately 18.9% of the total number issued). Each unit consists of one common share of Baymount and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share at a price of $0.07 on or before December 31, 2009. The offering was completed on a non-brokered basis and no finders' fees were paid. 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 and for working capital purposes.

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
    graham@bym.ca