May 6, 2009
ANGUILLA, B.W.I., May 6, 2009 / Bingo.com, Ltd. (OTC BB: BNGOF), operator of the popular online gaming community http://www.bingo.com, today announced it has closed a private placement of 1.5 million common shares at $0.15 per share to raise net proceeds of $225,000. One million of these shares were placed with Praetorian Offshore Ltd., a non U.S. resident under Regulation S exemptions. With this placement, Praetorian’s shareholding will increase to 18.95% of Bingo.com, Ltd. The remaining 500,000 shares were placed with another non U.S. resident under Regulation S exemptions.
“The funds from this private placement will be used to finance marketing initiatives in the United Kingdom, support expansion into new markets and act as a hedge against the rapidly changing currency markets we operate in.” said Tarrnie Williams, the Company’s CEO. “Bingo.com is currently live in English and Spanish and we plan to launch at least two new languages and two new currencies in 2009. These developments, combined with our increased visibility in the United Kingdom, will enable Bingo.com to attract and retain bingo and slots players from around the world.”
This final tranche of $225,000 completes our $750,000 private placement initiated in February 2009, pursuant to which Bingo.com issued an aggregate 5,000,000 common shares. Bingo.com now has 41,405,203 shares issued and outstanding.
For full details of the Company’s operations and financial results, please refer to the Securities and Exchange Commission website at www.sec.gov or the Bingo.com website at http://www.bingo.com.
Bingo.com, Ltd. (OTC BB: BNGOF) is the parent company of the Bingo.com group of companies which operates the popular online gaming community http://www.bingo.com. The Bingo.com group offers multiplayer bingo, slot machines, sweepstakes, and more. Players come together from around the world to chat, share, play and win at Bingo.com. With over 1,975,000 registered users http://www.bingo.com. is one of the most recognized and most visited bingo entertainment destinations on the Internet.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by the company) contains statements that are forward-looking, such as statements relating to anticipated future success of the company. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the company. For a description of additional risks and uncertainties, please refer to the company’s filings with the Securities and Exchange Commission. Specifically, readers should read the Company’s Annual Report on Form 10-K, filed with the SEC on March 31, 2009, and the prospectus filed under Rule 424(b) of the Securities Act on March 9, 2005 and the SB2 filed July 17, 2007, for a more thorough discussion of the Company’s financial position and results of operations, together with a detailed discussion of the risk factors involved in an investment in Bingo.com, Ltd.
For more information contact:
- Henry Bromley
- (264) 461-2646