Baymount Incorporated
TSX VENTURE : BYM

Baymount Incorporated

January 24, 2011 11:36 ET

Baymount Announces Unit Offering

TORONTO, ONTARIO--(Marketwire - Jan. 24, 2011) - Baymount Incorporated ("Baymount" or the "Company") (TSX VENTURE:BYM) is pleased to announce a proposed non-brokered offering of up to 16,000,000 units ("Units") at a price of $0.075 per Unit for aggregate gross proceeds of up to $1,200,000 (the "Offering"). Each Unit will be comprised of one common share in the capital of the Company (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant will be exercisable into one Common Share at a price of $0.10 for a period of 12 months from the closing date of the Offering. 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. This Offering replaces the proposed debenture offering that was previously announced on October 18, 2010, which has been withdrawn. The Offering is subject to the approval of the TSX Venture Exchange.

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. 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 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