CONTROL BIONICS LIMITED — Capital/Financing Update 2024

Jul 30, 2024

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31 July 2024

ASX ANNOUNCEMENT (ASX:CBL)

North Star Impact Fund to invest in Control Bionics Ltd

Control Bionics Limited (ASX: CBL) (“Control Bionics”, or “CBL”) is pleased to announce it has successfully raised a total of $0.525m through a proposed issue of 10,000,000 new fully paid ordinary shares at an issue price of $0.0525 per share.

The issue price represents a 4.5% discount to the closing price of CBL shares on 30 July 2024 and a 0.1% discount to the 15-trading day VWAP ending on 30 July 2024. The shares to be placed are within CBL’s 15% capacity under ASX Listing Rule 7.1A.

This strategic placement was undertaken fully by NorthStar Impact Funds (“NorthStar”), the only Australian equities impact fund certified by the Responsible Investment Association Australasia. Based in Sydney and founded in 2017, NorthStar has assets under management of ~$100m and continue to deploy capital to emerging companies who deliver a positive impact across a range of sectors. NorthStar are also a specialist external listed equities manager for $120bn super fund UniSuper.

NorthStar’s founder and Chief Investment Officer, Kerry Series, co-founded Perennial Investment Partners and was previously an Investment Director for HSBC Asset Management. He is also a Director and part-owner of the Impact Investment Summit Asia Pacific which connects positive impact companies to institutional investors, advisors, foundations, family offices and government organisations.

Lynx Advisors is lead manager to the placement and will receive a fee of 6% of the total amount raised together with, subject to approval at the 2024 AGM, the issue of 250,000 options exercisable at $0.10 per share with an expiry date of 3 years after the issue.

The funds raised will be used for general working capital purposes.

CBL’s Chief-Executive Officer and Managing Director, Jeremy Steele, said: ‘We are thrilled to announce the investment by North Star in Control Bionics. In many ways we see this investment by North Star as a strategic investment and we expect our partnership will extend beyond the provision of capital’, he further said ‘We are looking forward to working with Kerry and the North Star team to accelerate the growth of Control Bionics’.

This announcement was authorised by CBL CEO Jeremy Steele.

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

About Control Bionics:

Control Bionics is a medical device company dedicated to assisting patients whose ability to communicate is compromised by conditions 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, capturing 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 integrates eye gaze technology, allowing the eye gaze to move a cursor on a computer screen, while the NeuroNode acts as a mouse button. Control Bionics uniquely combines touch, eye, and NeuroNode control, offering patients the ability to express themselves with significantly faster speed and less fatigue.

We have recently expanded our offering to include mobility solutions with the launch of DROVE (now TGA approved), an autonomous wheelchair module that allows powered wheelchair users to operate their wheelchairs independently in their own homes.

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.

Investors and Media

Jeremy Steele – CEO and Managing Director jsteele@controlbionics.com

Brett Crowley – Company Secretary brettcrowley@controlbionics.com

Investor Relations:

Joe Durak Executive Director & Founder Lynx Advisors joe@lynxadvisors.com.au +61 414 465 582

For further information, visit our website: www.controlbionics.com

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/