Construction Will Begin Soon At The New Quinte Exhibition and Raceway
TORONTO, July 9 /CNW/ - Baymount Incorporated (the "Company" or
"Baymount") (TSX Venture: BYM) is pleased to announce that its wholly-owned
subsidiary Belleville Racetrack Development Corporation ("BRDC") has closed
its construction financing to build the new Quinte Exhibition and Raceway
("QER"). The Construction Loan is for $14.2 million plus capitalized interest
during the construction period and it bears interest at prime with a term of
15 years. The Loan will be secured as a first mortgage on the project lands
and it does not include Baymount's excess lands located adjacent to the new
"We have been waiting for this day for some time," said Graham Simmonds,
President and CEO of Baymount. "Now that our financing is completed we are now
able to turn the page and work with our construction team to establish a
The new QER is the eighteenth Ontario racetrack to receive a slot machine
allocation under OLG's Slots-at-Racetracks program. The new facility will be
constructed on BRDC's Belleville property which is located on Bell Boulevard
near the Wallbridge-Loyalist Road and Highway 401 interchange. The planned
75 acre development will feature the new Racino and includes 25 acres for the
future location of the new Quinte Exhibition.
"It has been a team effort that has got us to where we are today,"
explained Simmonds. "A venture like this always encounters challenges however
we have remained focused and stay committed to build a new facility that we
all can be very proud of for many years to come. Baymount will continue to
work closely with the OLG and the City of Belleville to ensure that the new
QER is a centre for growth and expansion of the local economy."
Baymount seeks out and develops opportunities within the horseracing
industry. It is the Baymount philosophy to create entertainment destinations
for consumers while providing our investors with a vehicle that allows them to
participate in the growth of Canadian gaming at racetracks.
Baymount Incorporated's wholly-owned subsidiary Belleville Racetrack
Development Corporation ("BRDC") has an agreement with the Belleville
Agricultural Society to build a facility to relocate the Quinte Exhibition and
Raceway in Belleville, Ontario. QER is one of the 18 racetrack licenses in
Ontario eligible to participate in Ontario's Slots-at-Racetracks program. In
2006, the Alcohol and Gaming Commission of Ontario found BRDC suitable to act
as Landlord for the proposed OLG gaming premises to be located at the new QER.
The Company has also received Preliminary Approval for a License to Operate a
Racetrack from the Ontario Racing Commission.
ON BEHALF OF BAYMOUNT INCORPORATED
Graham Simmonds, President & Chief Executive Officer
For additional information please visit the company's website at
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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. We consider the assumptions on which these
forward-looking statements are based to be reasonable, but caution the reader
that these assumptions regarding future events, many of which are beyond our
control, may ultimately prove to be incorrect.
For further information:
For further information: Baymount Incorporated: Mr. Graham Simmonds,
President and Chief Executive Officer, (416) 979-2881 Ext.223, firstname.lastname@example.org