Bingo.com Limited, operator of popular online gaming site Bingo.com, has raised $225,000 for future investment after closing a private placement of 1.5 million common shares at 15 cents each.
In February, the Anguilla-based firm pocketed over half a million dollars by selling 3.5 million shares at the same price and stated that it now has a total of $750,000 to use for development purposes.
Bingo.com revealed that its recent private placements saw it issue five million common shares to bring its total issued and outstanding to 41,405,203.
“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, Chief Executive Officer for Bingo.com.
“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.”
Bingo.com revealed that Praetorian Offshore Limited, a non-US resident under Regulation S exemptions, bought one million of its latest share issue to raise its shareholding to 18.95 percent. It stated that the remaining 500,000 shares were placed with another non-US firm under the same exemptions.
Abstract from www.igamingbusiness.com
