viewSenSen Networks Ltd

SenSen shares surge 35% after raising $3.3 million at a premium; signs global distribution agreement

SenSen and world-leading casino supplier, Angel Playing Cards, executed a multifaceted exclusive distribution agreement to supply SenGAME 3.0.

SenSen Networks Ltd - SenSen shares surge 35% after raising $3.3 million at a premium; signs global distribution agreement
The company’s shares are trading about 35% higher intra-day, at 12 cents.

SenSen Networks Ltd (ASX:SNS) has executed a global, exclusive, SenGAME 3.0 distribution agreement with Angel Japan Co., Ltd.

SenGAME 3.0 is proprietary SenSen software that is installed on casino gaming tables.

The software processes video images in real time, to determine the number of players at the table and hands dealt per hour, as well as the number, type, and value of all bets placed.

This information can be used for business intelligence purposes.

SenSen is also undertaking a ~$3.3 million private placement to Angel for a total of about 22 million shares, equal to about 4.99% of the total post-placement issued shares of SenSen.

Notably, the placement is being conducted at a price of 15 cents per share, an ~68% premium to the closing price of SenSen shares on December 4 2019.

SenSen CEO Subhash Challa said: “This is undoubtedly a transformational deal for SenSen and its shareholders.

“Angel is a world leader in supplying its highest-quality equipment to the world’s leading casinos, including cards, chips and devices to the casino industry.

“Angel has unparalleled market reach whose extremely powerful distribution platform will see SenGAME 3.0 rapidly deployed on gaming tables globally.

“I am also delighted to welcome Angel as a significant shareholder in SenSen’s business and we look forward to working closely with the Angel team to dominate the market with our combined offering.”

Quick facts: SenSen Networks Ltd

Price: 0.205 AUD

Market: ASX
Market Cap: $106.22 m

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