Baymount Incorporated

Baymount Incorporated

November 30, 2007 09:13 ET

Baymount Incorporated Announces Private Placement Financing for $2 Million

TORONTO, ONTARIO--(Marketwire - Nov. 30, 2007) -


Baymount Incorporated ("The Company") (TSX VENTURE:BYM) is pleased to announce the intention of the Company to raise approximately $2 million through a best efforts marketed private placement (the "Offering") of common shares of the Company (the "Common Shares"). Each Common Share will be priced at $0.10. The Company has retained Blackmont Capital Inc. as sole lead agent (the "Agent") in connection with the offering.

Net proceeds from the Offering will be used to build and develop the Quinte Raceway and Slots, a new racetrack and slot facility to be located in Belleville, Ontario.

Mr. Graham Simmonds, President and CEO of Baymount stated, "We anticipate that this private placement, in addition to our previously announced construction loan financing, will provide all of the necessary capital to complete the construction of the company's Racino facility in Belleville, Ontario."

The Common Shares will be subject to a four-month hold period under applicable Canadian securities laws. The Offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals.

The Company 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 Incorporated'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.

The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.


Graham Simmonds, President & Chief Executive Officer

For additional information please visit the company's website at

Forward-looking Statements

This press release contains certain forward-looking statements with respect to the Corporation. 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