- Senetas (SEN) raises $5 million from institutional and sophisticated investors via a share placement
- Under the placement, around 131 million shares will be issued at 3.8 cents a share, representing a 13.6 per cent discount to the last traded price on May 2
- Funds raised will primarily be used to support additional investment in the company’s majority owned subsidiary company, Votiro Cybersex Global
- Following the completion of the placement, the company expects to have around $10.9 million in cash and no debt
- SEN shares are down 6.82 per cent, trading at 4.1 cents
Senetas (SEN) has raised $5 million from institutional and sophisticated investors via a share placement.
Under the placement, around 131 million shares will be issued at 3.8 cents a share, representing a 13.6 per cent discount to the last traded price on May 2.
Funds raised will primarily be used to support additional investment in the company’s majority owned subsidiary company, Votiro Cybersex Global.
“Votiro represents an exciting growth opportunity for Senetas and the investments we are making in Votiro reflect the encouraging progress being made in its business,” CEO Andrew Wilson said.
“Votiro continues to see strong growth in its sales pipeline and customer enquiry, and the conversion of proof of concept trials into customer contracts remains at over 75 [per cent] globally and in excess of 90 [per cent] in North America.”
Following the completion of the placement, the company expects to have around $10.9 million in cash and no debt.
Senetas’s secured loan to Votiro stands at approximately US$3.5 million (A$4.91 million), up from US$2.5 million at end February 2022.
Mr Wilson also said that the company is now strongly positioned to continue to support the growth of Senetas and Votiro, especially after it had to spend more to leverage an industry-wide supply shortage of semiconductors.
SEN shares were down 6.82 per cent, trading at 4.1 cents as of 1:36 pm AEST.