Baymount Reiterates Offer

In a release sent out today, Baymount Incorporated has reiterated that it is still offering of up to $1.5 million of units at price of $0.035 per unit. Baymount previously announced the offer on December 23, 2008.

The release states that, to date, an aggregate of approximately $634,000 in gross proceeds have been raised and Baymount continues to make contact with additional potential subscribers.

Baymount's release states that each unit will consist 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 for a period of 12 months from closing.

Closing is expected to continue to occur in multiple tranches, as subscription proceeds and supporting documentation are received.

The release concludes by stating 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.

(With files from Baymount)


It's $1.5 million worth of units.....not 1.5 million units. At 3.5 cents per unit the total issue would be approx 43 million units. $634,000 currently in means that approx 18 million units have been purchased so far. If you are a penny stock type gambler you can grab 100,000 units for $3500. If the deal flies maybe you can hit it bigger than a pick 7 !!!

I have done the calculation several times now. 1,500,000 X $.035 = $52,500 (not $634,000). Not that $634,000 is enough to build a $22,000,000 racing facility.

Baymount announced on 07/09/2008 that their financing was complete. Now this new announcement that a new stock subscription will be used to "build and develop"?

A copy of this announcement is on the Baymount site

This plea by Baymount says it all doesn't it? Who wants to invest in 3 and half cent stocks?

Time for OLGC to turn the page and get someone in here with credibility!!!!

"Proceeds from this subscription will be used to build and develop the Quinte Raceway"

Can this be the actual thinking by Baymount?
Surely such financing should have been in place at the very beginning.
Why didn't the OLG do its due diligence on this corpoaration and its viability.
Its not too late OLG, abort the relationship now, and get a partner who is serious about live racing.