Baymount Incorporated has announced that its 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.
(Baymount)