Baymount to raise up to C$10 million in private placement

By Sheri Kasprzak

Atlanta, June 13 - Baymount Corp. said it will head to the private placement market with an offering of units for up to C$10 million.

The units, which have not yet been priced, include one share and one half-share warrant. The whole warrants are exercisable for 18 months.

The deal is expected to close in July, either immediately before or along with the acquisition of Baymount's shares by Academy Capital Corp., a capital pool company.

After the acquisition is completed, the shares associated with the offering will be exchanged for corresponding shares of Academy.

Canaccord Capital Corp. is the placement agent.

Proceeds will be used to develop the company's Quinte Exhibition and Raceway and the Wheat City Horse Park projects and the remainder for working capital and general corporate purposes.

Based in Toronto, Baymount is an investment company focused on the equine sector.

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