Bingo.com raises $525,000 to help the online gaming community

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The online bingo network, perhaps by far the most popular because of their domain name, Bingo.com, has recently raised more than half a million in US dollars. Good thing that they were able to receive $525,000 US Dollars to help them face the tough economic times. The online gaming community has announced today that they have closed a private placement amounting to 3.5 million in common shares. They were able to sell those shares for $0.15 each thus amounting to $525,000 in US dollars. Of course, these shares were sold to non-US residents. Most of these shares were sold in the UK and other European countries.

Bingo.com was very pleased to have sold such shares because it will surely be a great help for them. It will lighten their burden and help ease the currency risks the online bingo company has been experiencing for the past few months. Hopefully, according to the company’s CEO, Tarnie Williams, they will be able to move forward and be profitable this year. They are expanding their target market to not only the UK but to various markets all over the world and this half a million US Dollars will definitely play a big role in that expansion. They are soon to launch their new gaming system which will be compatible to several languages. At the same time, it will allow Bingo.com’s members or bingo players to be able to make deposits in various major currencies. Expanding their target market will hopefully allow the online bingo company to grow more and eventually earn more.

Aside from those shares that have been bought, the bingo company is still to complete the private placement of more than thirty nine million common shares. To be exact, they are expecting to sell 39,700,203 of common shares as the placement is completed.