Last checked at 3 Nov 2010 15:09
SocialGO plc
("SocialGO" or "Company")
Issue of Equity
Pursuant to the Company's announcement on 2 June 2010, SocialGO, the AIM-quoted developer and provider of software which allows groups to build their own on-line social networks, announces today that the Company has issued 16,000,000 new ordinary shares of 1 penny each ("Ordinary Shares") to Bentworth Holdings Limited, trading as Veddis Ventures, at a price of 1.25 pence per share for a consideration of £200,000. The proceeds of the Placing will be used to provide additional working capital for the Company to fund the continuing development of SocialGO™ version 2.
Application has been made for the new Ordinary Shares to be admitted to trading on AIM with effect from 4 November 2010.
Following Admission, Bentworth Holdings Limited, in which Vikrant Bhargava, a Non-executive Director of the Company, holds an indirect beneficial interest, will be interested in an aggregate 77,448,000 Ordinary Shares, representing 20.4 per cent. of the enlarged issued share capital of the Company, which will comprise 378,582,995 Ordinary Shares.
The Company's clients currently include leading brands such as Levis, Random House, ASDA, and SocialGO is currently powering Dominique de Villepin's electoral campaign social network. The Board looks forward to updating shareholders on the financial results for the six months ended 30 September 2010 later this month.
Commenting on today's news, CEO Dominic Wheatley, stated: "We are delighted that Veddis Ventures has increased its investment in SocialGO at what is a very exciting time for both the Company and the social networking market. The additional capital will allow the Company to remain focused on servicing existing clients, securing new clients and further developing SocialGO™ version 2 for release by mid-2011.
"We are delighted to announce that SocialGO has reached the three and a half million unique visitors per month milestone, a significant achievement for a business that has been operational for two years. We continue to forge new distribution alliances to improve our channels to market with the SocialGO™ product, now available for sale through the network of Apple and other retail stores in the US and Network Solutions website."
Further Information
SocialGO plc 0845 299 7289
Dominic Wheatley, CEO
Yellow Jersey PR Limited 020 8980 3545
Dominic Barretto
Northland Capital Partners 020 7492 4750
William Vandyk
www.SocialGO.com
www.SocialGOplc.com
About SocialGO
SocialGO Plc is a developer and provider of software as a service which allows groups to build their own online social networks, SocialGO™. SocialGO's software allows customers to quickly and easily create, manage and control their own private social network and provides the members of these networks with the ability to communicate and share with like minded people in a controlled and secure environment. SocialGO derives its revenues from subscription premiums paid by network owners and from selling value added services which allow network owners to maximise the social networking experience and the revenues that can derive from creating and managing a social network. SocialGO is part of the burgeoning Silicon Roundabout in London, UK.