(BSNS WIRE) Bingo.com Announces U.S. $5 Million Financing
Bingo.com Announces U.S. $5 Million Financing
Business Editors
TALLAHASSEE, Fla.--(BUSINESS WIRE)--April 7, 1999--Bingo.com
(OTC BB:BIGG)("the Company"), a high technology Internet company that
is developing the world's first free "Bingo-based" Email community,
announced today, that it has arranged a private placement of U.S. $5
Million.
The private placement will consist of 416,668 units (the "Units")
at a price of $12.00 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 (the "Warrants"). 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 $12.00 in the first year and $15.00 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
On-line 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 International scale.
Bingo.com has already exceeded its expectations for their
"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% over the previous month. The total
membership base now exceeds 25,000 members.
Bingo.com will offer extensive free downloads, free information
and free "hot links" with a wide variety of exciting prizes and
promotional partnerships, creating a communicative infrastructure of
international chat, e-commerce, entertainment and excitement.
Bingo.com will provide Internet users with a destination portal
site that will be easily recognized as an informative home page. The
site will be set up as an information center with free e-mail, free
web pages, free news, free music, chat rooms, sports, entertainment
and lifestyle information in a fun and exciting environment,
surrounding the most popular game in the world: BINGO.
Through an extensive array of media partnerships, once every 24
hours, a surprise jackpot Bingo will be announced with a 30-minute
countdown notice.
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. Bingo.com will combine news
and lifestyle information in a fun and exciting interactive
environment.
Wherever you are...wherever you want to go...Bingo! You're there.
The Units, the common shares included in the Units, the Warrants
and the common shares issuable upon the exercise of the Warrants have
not been and will not be registered under the United States Securities
Act of 1933 and may not be offered or sold in the United States absent
registration under such Act or compliance with an applicable exemption
from such requirements.
The statements in this press release may contain forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Sections 21E of the Securities Exchange Act of 1934 and are
subject to the safe harbor created by these sections. Actual results
may differ materially from Bingo.com's expectations and estimates.
For additional company information, contact Chris Sargent
toll-free at 877/322-4646
--30--bf/se*
CONTACT: Bingo.com
Rob Riker/Chris Sargent, 877/322-4646
invest@bingo.com
KEYWORD: FLORIDA NEW YORK INTERNATIONAL LATIN AMERICA CANADA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED
INTERACTIVE/MULTIMEDIA/INTERNET ENTERTAINMENT
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