On Monday, Bingo.com announced it closed a$525,000 private placement, which the company’s chief executive said will help fund its expansion beyond the United Kingdom market.
According to the company, a private placement of 3.5 million common shares at 15 cents per share raised net proceeds of $525,000. The shares were placed with non-United States residents under “Regulation S” exemptions, the company said.
“We are pleased to have completed this financing during these turbulent times and believe these funds will help alleviate the currency risks recently encountered as we move towards profitability,” said Tarrnie Williams, Bingo.com’s chief executive, in a prepared statement.
The news of the placement came after the online gaming company posted a loss of $1.4 million for the financial year ending Dec. 31, 2008.