Baymount Incorporated ('Baymount' or the 'Company') announces that it received notification on September 11, 2012 from the TSX Venture Exchange (the 'TSX-V') of the transfer of its listing from Tier 2 of the TSX-V to the NEX on the basis of the determination by the TSX-V that the Company no longer satisfies the Continuous Listing Requirements of the TSX-V in respect of Tier 2 issuers.
As noted in the TSX-V Bulletin issued on September 11, 2012, the Company's tier classification has changed from Tier 2 to the NEX, its filing and service office has changed from Toronto to the NEX and accordingly, it is subject to restrictions on share issuances and certain types of payments as set out in the NEX policies.
Notwithstanding this determination by the TSX-V, Baymount continues to focus its efforts on evaluating its current assets and pursuing its development process in Belleville, Ont. The Company is also continuing to pursue legal recourse with the OLG in respect of the termination of its siteholder agreement with Belleville Racetrack Development Corp., as announced in the Company's press release dated July 23, 2012.
(Baymount)