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Bingo.com Closes $204,000 Share Placement

8th December 2009 8:48 am GMT

Amid mounting losses and a fall in available cash resources to just $0.5 million at the end of the third quarter of 2009, Bingo.com Limited has announced that it has received signed subscription agreements supporting a private placement of 1.36 million common shares at $0.15 per share, raising net proceeds of $204,000.

The company said that 340,000 of the issued shares will be placed with Praetorian Offshore Ltd, a non U.S resident under Regulation S exemptions, taking Praetorian's total shareholding up to 20.06% of Bingo.com.

A further 340,000 shares will be placed with a director and officer of Bingo.com with the remaining 680,000 shares placed with two other non U.S residents under the same Regulation S exemptions.

"The funds from this private placement will be used for general corporate purposes and to finance marketing initiatives in the United Kingdom," said Tarrnie Williams, CEO of Bingo.com. "Bingo.com will soon be live on a new software platform that we have had in development for some time. We believe the company will be well positioned for success once the software is launched and our marketing plan is executed."

Earlier this year the company completed a $750,000 private placement, issuing an aggregate of 5 million common shares, which the company said at the time would finance marketing initiatives in the UK as well as fund its European expansion.

Last month the company recorded its thirteenth successive quarterly loss with revenues falling 8% to $1.44 million for the third quarter.

Shares in Bingo.com Limited (Co. Profile) (OTCBB:BNGOF) gained 7.07% to $0.15 per share yesterday following the announcement.

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