Bingo.com, Ltd.
OTC Bulletin Board : BNGOF

Bingo.com, Ltd.

December 07, 2009 19:58 ET

Bingo.com to Close $204,000 Private Placement

ANGUILLA, BRITISH WEST INDIES--(Marketwire - Dec. 7, 2009) - Bingo.com, Ltd. (OTCBB:BNGOF), operator of the popular online gaming community http://www.bingo.com, today announced it has received signed subscription agreements supporting a private placement of 1.36 million common shares at $0.15 per share. Net proceeds raised will equal $204,000. 340,000 of the issued shares will be placed with Praetorian Offshore Ltd., a non U.S. resident under Regulation S exemptions. With this placement, Praetorian's shareholding will increase to 20.06% of Bingo.com, Ltd. 340,000 of these shares were placed with a director and officer of the Company. The remaining 680,000 shares will be placed with two other non U.S. residents under 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, the Company's CEO. "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."

For full details of the Company's operations and financial results, please refer to the Securities and Exchange Commission website at www.sec.gov or the Bingo.com website at http://www.bingo.com.

About Bingo.com

Bingo.com, Ltd. (OTCBB:BNGOF) is the parent company of the Bingo.com group of companies which operates the popular online gaming community http://www.bingo.com. The Bingo.com group offers multiplayer bingo, slot machines, sweepstakes, and more. Players come together from around the world to chat, share, play and win at Bingo.com. With over 1,975,000 registered users http://www.bingo.com. is one of the most recognized and most visited bingo entertainment destinations on the Internet.

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-K, filed with the SEC on March 31, 2009, the Form 10-K/A, filed with the SEC on December 7, 2009, and the prospectus filed under Rule 424(b) of the Securities Act on March 9, 2005 and the SB2 filed July 17, 2007, 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.

Contact Information