Bingo.com Private Placement Offerings Closed
ANGUILLA, BRITISH WEST INDIES -- Bingo.com, Ltd. (OTCBB: BNGOF), operator of the world’s largest online bingo hall, today announced that it has closed a private placement offering of 6 million units at US$0.25 per unit. Total proceeds of the offering are US$1.5 million, with Praetorian Offshore Ltd. subscribing for US$1.4 million and the management of Bingo.com the remainder. Each unit consists of one common share and one half common share purchase warrant. Each whole warrant is exercisable into one additional common share of the Company for a period of two years at an exercise price of US$0.35 per share. The warrants are non transferable.
“Proceeds from the offering will be used to advance the timetable of entering new regulated markets, such as the United Kingdom, which we anticipate will launch this month,” said Tarrnie Williams, CEO of Bingo.com. “We would like to thank the management of Praetorian for showing their continued support of our business plan and look forward to realizing our expansion plans in the numerous territories we will be entering, and to building the Bingo.com brand globally.”
Bingo.com, Ltd. operates the popular web portal www.bingo.com offering online games world wide including multiplayer bingo, video poker, sweepstakes, slot machines, and more. With over 1,750,000 registered players and more than 800 new players everyday, www.bingo.com is one of the most recognized and most visited Bingo entertainment destinations on the web.
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-KSB, filed with the SEC on March 29, 2006, and the prospectus filed under Rule 424(b) of the Securities Act on March 9, 2005, 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.
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