On Thursday, April 28, AlphaNorth Asset Management announced that it has acquired control or direction over 3,333,400 common shares and 3,333,400 common share purchase warrants of Baymount Incorporated in connection with the completion of a private placement offering

of units at a price of $0.075 per unit. Each unit is comprised of one common share and one common share purchase warrant.

As a result of the acquisition, AlphaNorth exercises control or direction over an aggregate of 3,333,400 common shares and 3,333,400 common share purchase warrants of Baymount, representing approximately 22.6 per cent of the issued and outstanding common shares of Baymount (assuming exercise of all the common share purchase warrants over which AlphaNorth exercises control or direction).

AlphaNorth relied on the 'accredited investor' exemption from the prospectus requirement in connection with the acquisition contained in section 2.3 of National Instrument 45-106 Prospectus and Registration Exemptions.

The common shares of Baymount are listed on the TSX Venture Exchange and trade under the trading symbol 'BYM.' AlphaNorth acquired the securities for investment purposes. Depending on market conditions, AlphaNorth may in the future increase or decrease its investment in Baymount.

(With files from AlphaNorth)