Bingo.com Completes Private Placement

Bingo.com Limited, operator of popular online gaming site Bingo.com, has raised over half a million dollars to use for future operations by placing 3.5 million shares at 15 cents each.

The shares were placed with non-U.S. residents under Regulation S exemptions and will see the Anguilla-based firm pocket $525,000.

Tarrnie Williams, Chief Executive Officer for Bingo.com, said: "We are pleased to have completed this financing during these turbulent times and believe these funds will help aleviate the currency risks recently encountered as we move towards profitability.

“The proceeds from the offering will primarily be used to fund our expansion beyond the United Kingdom market as we launch our gaming system in several languages and allow players to deposit in various different major currencies. We expect these initiatives will enable Bingo.com to grow more rapidly and expand its market share."

Bingo.com revealed that it now has 39,700,203 common shares outstanding and recently announced total revenues for the final quarter of 2008 rose 17 percent year-on-year to reach $1.32 million.

SOURCE: CAP