Control Bionics $1.04m Placement Announcement

Control Bionics Limited (ASX: $CBL) has successfully completed a placement to raise A$1.04 million through the issue of approximately 24.13 million new fully paid ordinary shares at an issue price of A$0.043 per share. The placement received firm commitments from professional and sophisticated investors, demonstrating strong support from both new and existing shareholders.

Executive Commentary on Placement

We are very pleased with the strong support for the Placement and our growth plans.

Summary of Control Bionics Placement

Control Bionics Limited (ASX: $CBL) has successfully completed a placement to raise A$1.04 million, with the funds intended to support the company's global growth strategy. The placement, which received strong support from new investors and existing shareholders, involved the issue of approximately 24.13 million new fully paid ordinary shares at an issue price of A$0.043 per share. The CEO, Jeremy Steele, expressed satisfaction with the support received and highlighted the company's growth plans, including achieving EBITDA positive operations in key markets, commercializing new products, and identifying opportunities for rapid scaling. The new funding is expected to assist Control Bionics in achieving its growth targets and advancing its innovative medical device solutions for assistive communication, mobility, and data measurement. With a focus on global expansion and commercialization of its advanced technologies, Control Bionics aims to enhance its position in the medical device industry and continue providing valuable solutions to patients with compromised communication abilities.