Baymount Announces Closing of Non-Brokered Private Placement
Monday, December 30, 2019 4:00 PM
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, ON / ACCESSWIRE / December 30, 2019 / Baymount Incorporated ("Baymount" or the "Company") (NEX:BYM.H), is pleased to announce that it has completed a non-brokered private placement offering (the "Offering") of 4,600,000 units of the Company (the "Units"), at a price of $0.05 per Unit, for total gross proceeds of $230,000.
Each Unit is comprised of one common share (a "Common Share") and one half common share purchase warrant (a "Warrant"). Each full Warrant entitling the holder to purchase one additional Common Share of the Company until December 29, 2020 at a price of $0.075 per share. In connection with the Offering, the Company issued an aggregate of 4,600,000 Common Shares and 2,300,000 Warrants. The proceeds of the Offering were raised for general working capital needs. Furthermore, the Company also settled $5,000 of accounts payable, at a price of $0.05 per share, and issued an additional 100,000 Common Shares of the Company (the "Debt Settlement").
The Common Shares and Warrants sold under the Offering and issued pursuant to the Debt Settlement, and any Common Shares of the Company issuable upon exercise thereof, are subject to a statutory four month and one day hold period expiring on May 1, 2020. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, and there shall be no sale or exchange of the Company's securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Baymount seeks out and develops investment opportunities within the gaming, technology, consumer products and other regulated industries. The Company seeks to generate revenue primarily from providing consulting and advisory services and seeks to generate gains realized on dispositions of its investments.
This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the Company's business plan and matters relating thereto, and risks associated with the need for additional financing, reliance on key personnel, the potential for conflicts of interest among certain officers or directors, as well as other risks and uncertainties, including but not limited to those detailed from time to time in the Company's public filings on SEDAR. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
For further information please contact:
Mr. Graham Simmonds
Chief Executive Officer
SOURCE: Baymount Incorporated