Bingo.com, developer of the world's first free "Bingo-based" Email community, has arranged a private placement of U.S. $5 Million. It will consist of 416,668 units at a price of $12 per unit.
Each unit will consist of one common share in the capital stock of the company and a one-half non-transferable share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share for a term of two years from closing of the private placement at a
price of $12 in the first year and $15 in the second year.
The company anticipates that the private placement will close within two weeks. The funds will be used for the second phase of the company's business plan strategy to combine their International online bingo game with Bingo.com, an entertainment based Internet community and portal site. The funds will also be used to fund the development of the company's Antigua location and provide the marketing capital required to increase awareness of the Bingo.com site on an
The company has already exceeded its expectations for its "pre-launch" membership base, which can be defined as an individual that provides their name, address, phone number, and/or e-mail address and has requested ongoing correspondence from Bingo.com regarding future jackpots. For the month of March 1999, the "pre-launch" membership base grew by 150 percent over the previous month. The total membership base now exceeds 25,000 members.
The Bingo.com destination site will be launched in conjunction with an international media campaign as the world's first free "Bingo-based" e-mail/web page community. It will combine news and lifestyle information in a fun and exciting interactive environment.