Control Bionics share placement completion announcement

Control Bionics Ltd (ASX:CBL) has successfully completed agreements to place shares, subject to shareholder approval at the Company's AGM on 10 October 2024. The placement, if approved, will raise $1.15m in new capital before costs. This will involve the issue of 16,428,571 fully paid ordinary shares at an issue price of $0.07 per share, with one attaching option for every two shares subscribed for in the placement. The placement is subject to the approval of Resolution 10 at the AGM, renewing the Company's capacity to issue up to an additional 10% of its issued Equity Securities by way of placements over a 12-month period under Listing Rule 7.1A.

Executive commentary on share placement completion

Jeremy Steele, CBL's CEO, expressed, 'We are pleased with the strong support received for this placement from both new and existing investors. This capital raising strengthens our balance sheet and positions the company to achieve our key objectives and accelerate growth plans.'

Summary of Control Bionics share placement completion

Control Bionics (ASX:CBL) has successfully completed agreements to place shares, subject to shareholder approval, raising $1.15m in new capital before costs. The placement involves the issue of 16,428,571 fully paid ordinary shares at an issue price of $0.07 per share, with one attaching option for every two shares subscribed for in the placement. The placement is subject to the approval of Resolution 10 at the AGM on 10 October 2024. The company plans to use the proceeds for NeuroStrip Software development, testing, product design, clinical trials, Drove rollout, and working capital. The new shares to be issued under the placement will rank equally with existing fully paid ordinary shares in the company. Settlement of the placement is expected to occur following the Company's AGM, with allotment and quotation of the new shares on the ASX to follow shortly thereafter. Control Bionics looks forward to providing updates as it continues to execute on its growth strategy.