Bingo.com Completes $225k Private Placement

Online bingo operator Bingo.com said Wednesday that it has closed a private placement (via offering memorandum – OM) of 1.5 million of its common shares at US$0.15 per share, raising net proceeds of $225,000 and completing the company’s $750,000 private placement offering initiated earlier this year in February.

The company said that the funds would be used to finance marketing initiatives in the UK as well as support its expansion into new European markets.

Bingo.com said that one million of its 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 also placed with another non-U.S resident under the same exemptions.

Bingo.com has issued an aggregate of 5,000,000 common shares under the private placement initiated in February. The company now has 41,405,203 shares issued and outstanding.

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