Bingo.com are taking the old adage ‘you’ve got to speculate to accumulate’ quite literally, with a $450,000 (£300,000) share placement deal intended to provide the brand with the funds needed to launch their social platform, which has been in development for some time.
Live market testing of the multi-platform social bingo game is due to begin in Q2 2013, with improvements and refinements of the game to follow ahead of its launch in Q3 of the current 2013 financial year.
Bingo.com CEO Jason Williams says: “Testing will occur on all platforms supported by the game, including phones and tablets operating Apple iOS and Google Android systems, as well as online on Facebook.”
Development of the social game has taken a period of several months, he adds, and the final stages before launch will be funded by the proceeds of the latest share placement.
In a statement to investors, Bingo.com outlined the terms of the deal, which concerns one million shares of common stock in Bingo.com, priced at $0.45 per share.
The statement confirmed that the shares have been sold in a single transaction to “a non-US private company”, although no further details about the buyer seem to have been given so far.
Just days ago, on April 1st, the US Securities and Exchange Commission published a Statement of Changes in Beneficial Ownership that showed Bingo.com’s executive chairman, Tryon Williams, had purchased 15,000 shares of common stock at a price of $0.41 each.
He now directly owns 4,737,716 shares of common stock, with a further 15,117,465 owned indirectly via a discretionary trust; in all, these trusts hold around an 80% stake in Bingo.com.
Mr Williams has further exercisable ‘right to buy’ rights due to expire in the coming years, allowing him – if he wishes – to purchase 100,000 shares of common stock by each of May 28th 2013, June 19th 2014 and September 30th 2015, to add a potential further 300,000 shares to his stake.
Bingo.com offers bingo, slots, casino and lottery games to the European market in languages including English, Swedish, Norwegian and Finnish.
It also runs promotions for some of the UK’s biggest calendar events – including, in recent weeks, Valentine’s Day and the Grand National.
However, with the latest news given to investors in the US, those interested in the Bingo.com brand as a potential investment opportunity are likely to be keeping a close eye on its stock price, and on any further updates that may reveal the identity of the lone non-US buyer in this most recent share transaction.
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