Bango (AIM: BGO), the mobile web payments and analytics company, is pleased to announce that it has conducted a proposed placing with institutional investors of 3,250,000 new ordinary shares at 200 pence per share to raise £6.5 million (approximately US$10.2 million) before expenses (the "Placing").
· Placing of 3,250,000 new ordinary shares, at a price of 200 pence per share, to raise £6.5 million (approximately US$10.2 million) before expenses
· Oversubscribed placing with significant support from both new and existing institutional investors
· Bango intends to use the net proceeds of the Placing in order to be better positioned to take advantage of developing opportunities and, specifically:
~ to increase its capability to underwrite emerging market opportunities
~ to have greater capacity to fund further business development with a view to gaining more mobile network operator partners; and
~ to generally strengthen Bango's balance sheet to permit alternative sources of financing if required
· The new Ordinary Shares are expected to be admitted to trading on AIM on 26 February 2013
Ray Anderson, CEO of Bango, commented: "Bango has made significant progress through 2012 and into 2013, with a total reach now exceeding 1 billion mobile phone users. We have executed on our plan to support a significant scaling-up in future transaction volumes; making key hires to boost our executive and operational team and investing in our technology platform. We have also seen good development across our key metrics, with analytics transaction volume doubling again during 2012 and end user spend growth resuming towards the end of 2012 and into 2013.
"We believe emerging markets represent an exciting growth opportunity for us, and are seeing increasing interest from key customers in these areas, in particular in Brazil, Latin America, India and other parts of Asia. This fundraise provides us with the resources to move forward in developing those opportunities and we are confident that the massively smooth user experiences enabled by our unique technology platform, extensive mobile network operator relationships and industry leading customers provide ing customers provide us with a clear competitompetitive edge in the fast growing mobile payments industry."