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CONTROL BIONICS LIMITED — Capital/Financing Update 2024
Oct 9, 2024
64611_rns_2024-10-09_e9d7fd62-762c-4d57-91ad-538422872c85.pdf
Capital/Financing Update
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10 October 2024
CONTROL BIONICS SUCCESSFULLY RAISES $1.59m IN RIGHTS ISSUE
Control Bionics Limited ( CBL ) is pleased to announce that its Non-Renounceable Rights Issue ( Rights Issue ) has closed raising a total of $$1,585,694. CBL has received valid entitlement applications for new shares as follows:
| Shares | Number of shares | $ |
|---|---|---|
| Entitlements taken up | 6,030,309 | 422,122 |
| Additional subscriptions | 3,908,180 | 273,572 |
| Total | 9,938,489 | 695,694 |
The number of shares on issue in CBL at the completion of the Rights Issue is as follows:
| Number of shares |
|
|---|---|
| Existing shares on issue at time of offer |
209,286,776 |
| New shares | 9,938,489 |
| Total shares on issue | 219,225,265 |
The Company will also issue 4,969,289 options on the terms set out in the offer document.
The offer was partially underwritten to the extent of approximately $890,000. It is expected that those funds will be received shortly and the applicable number of shares and options will be issued. This brings the total raised through the rights issue to approximately $1.59m. The directors may also place the shortfall after the underwriting, being approximately $507,000, within the next three months.
The CEO and Managing Director, Jeremy Steele, said the following about the rights issue:
“We’re grateful for shareholder support as we continue to grow Control Bionics. The addition of this capital provides us with headroom to meet our business objectives. Combined with the $1.15m private placement that can now complete following today’s AGM, the business is funded well into FY26.”
This announcement is authorised by CBL’s Chairman, Roger Hawke.
For further information, please contact:
Investors and Media
Jeremy Steele – CEO and Managing Director [email protected]
Brett Crowley - Company Secretary [email protected]
Control Bionics Limited
Registered Office: Level 5, Suite 5.01, 697 Burke Road, Camberwell, Vic., 3124 T: +61 3 9897 3576 W: www.controlbionics.com
ABN: 45 115 465 462
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Investor Relations:
Joe Durak Executive Director & Founder Lynx Advisors [email protected] +61 414 465 582
Control Bionics Limited Registered Office: Level 4, 11-13 Pearson St, Cremorne, Victoria 3121, Australia T: +61 3 9897 3576
W: www.controlbionics.com ABN: 45 115 465 462
For further information visit the website: https://www.controlbionics.com/
About Control Bionics:
Control Bionics is a medical device company assisting patients whose ability to communicate verbally or via text and social media is compromised by illnesses such as Motor Neurone Disease (MND) and Amyotrophic Lateral Sclerosis (ALS). Our core patented NeuroNode technology is a wireless wearable device that detects minute signals sent from the brain to any skeletal muscle and is captured as EMG (Electromyography) output. This output is then sent wirelessly via the NeuroNode to a personal computer, enabling speech and other computer controlled functions like email and texting. Our technology is integrated with eye gaze technology whereby the eye gaze enables a cursor to be moved about a computer screen, driven much like a mouse, and the NeuroNode acts as like the mouse button. Control Bionics is the only such product to harness three modalities – touch, eye and NeuroNode control – which combined yield unique benefits in terms of the ability of patients to express themselves with significantly faster speed and less fatigue.
Control Bionics recently extended its offering to mobility with the launch of DROVE – the autonomous wheelchair module. DROVE allows powered users the independence to operate their wheelchairs in their own homes for the first time. DROVE recently got approved by the TGA as a Class I medical device.
Control Bionics is currently commercialising its most recent advancement in its technology, the NeuroStrip ® . This wearable, miniaturised EMG device provides the business with the opportunity to enter new markets such as health diagnostics, sports performance and rehabilitation to name only a few potential markets.
Control Bionics operates in North America, Australia, Singapore and Japan.
About Control Bionics:
Control Bionics Limited Registered Office: Level 5, Suite 5.01, 697 Burke Road, Camberwell, Vic., 3124 T: +61 3 9897 3576 W: www.controlbionics.com
ABN: 45 115 465 462