Bango is pleased to announce that the placement of around 7.5million new shares announced on 11th December 2009 was approved at the General Meeting on 5th January 2010. The shares will be issued on 6th and 7th January.

As previously indicated, the cash will strengthen the company’s balance sheet and gives Bango flexibility to accelerate mobile operator payments to key customers, thereby improving margin and growth opportunities.

Commenting on this successful placement, Ray Anderson, Bango CEO said:
“We are delighted with the high level of support shown for Bango from investors, illustrating their long term confidence in our business and our ability to create value for our shareholders. With our ability to facilitate commerce on the mobile internet, we believe we are well positioned to benefit from the expected growth in this market in the year ahead and look to the future with confidence.”

The placing raised £3.2 million gross (approximately £3 million net of expenses) through a placing of 7,488,372 new Ordinary Bango shares at 43 pence per share to existing and new shareholders.

Both the CEO and the Chairman of Bango purchased additional shares in the placing.