The Investment Industry Regulatory Organization of Canada (IIROC) has halted the trading of Baymount Inc. (BYM) at the request of the company pending news
Trading was halted at 8:34 a.m. (ET) on the morning of Friday, Dec. 16, 2011. IIROC is not able to provide any additional information regarding the trading halt.
IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization, which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
(With files from IIROC)
On Friday, December 16, Nevada Exploration Inc. ('NGE') (TSX VENTURE:NGE) announced that it had entered into a Letter of Intent ('LOI') with Baymount Incorporated ('Baymount') (TSX VENTURE:BYM) whereby Baymount may earn a joint venture interest in NGE's Fletcher Junction Gold Project, in Mineral County, Nevada (the 'Property').
Under the terms of the LOI, Baymount will have the option to earn a 51-per-cent interest in the Property by funding $5,825,000 in qualifying expenditures and making $600,000 in payments over four years (the 'Earn-In'). The Year 1 payment of $60,000 is due upon the signing of a definitive agreement and the Year 1 work commitment of $580,000 is a firm obligation. Subject to TSX Venture Exchange approval, Baymount may elect to pay up to 50 per cent of the payments due under the definitive agreement by issuing Baymount Common Shares. NGE will act as the Operator during the Earn-In. If Baymount completes the Earn-In, Baymount may earn an additional 14 per cent, for a total of 65 per cent, by completing a feasibility report. Once NGE and Baymount complete a definitive agreement, the companies will issue a further news release with additional details. The foregoing is hereinafter referred to as the Transaction.
The Transaction will constitute of Change of Business for Baymount and is thus subject to a number of conditions, including TSX Venture Exchange and Baymount Shareholder approval. There can be no assurance that the Transaction will be completed as proposed or at all.
More information about the Fletcher Junction Project can be found here.
Nevada Exploration Inc.
NGE is an exploration company focused on gold in Nevada. NGE is led by an experienced management team that has been involved with the discovery of more than 30 million ounces of gold in Nevada.
NGE is aggressively applying the latest in 'blind deposit' exploration technology to identify, acquire, and advance new exploration properties in Nevada's highly prospective, yet underexplored covered basins. Specifically, NGE has developed proprietary hydrogeochemistry (groundwater chemistry) exploration technology to explore for gold in Nevada's covered basins where traditional exploration techniques are challenged.
Using its industry leading exploration technology, NGE has assembled a portfolio of nine new gold projects, and with over 20,000 hectares (75 sq mi), is evolving as a major player in this world class jurisdiction. NGE's business model is to leverage its properties and technology to create shareholder value through generative exploration, joint ventures, and other exploration partnerships.
(Nevada Exploration Inc.)