MICRO-X LIMITED — Capital/Financing Update 2021

Feb 23, 2021

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Micro-X Limited, ABN 21 153 273 735

SPP SHARES ALLOTTED

Trading of SPP Shares on the ASX to commence on Thursday 25 February 2021

Adelaide, Australia, 24 February 2021: Australian hi-tech company Micro-X Ltd (ASX:MX1) ( Micro-X or the Company ), a leader in cold cathode x-ray technology for the healthcare and security markets globally, is pleased to confirm that a total of 10,294,101 new shares, for a total of approximately $3.5 million, have been settled and will be allotted today to participants in the Share Purchase Plan ( SPP ).

The SPP was announced on 1 February 2021, following the $30.5 million placement to institutional and sophisticated investors ( Placement ) and sought to raise $2.5 million. The SPP allowed eligible shareholders to each subscribe for up to $30,000 worth of new ordinary shares in the Company ( SPP Shares ) at 34 cents per share, the same as the issue price per share in the Placement.

The SPP closed on 17 February 2021 with applications for over $8.6 million of SPP Shares or approximately 3.5x oversubscribed the target for the SPP of $2.5 million. As a result, the Board has used its discretion under the terms of the SPP to increase the amount to be raised to $3.5 million and thereafter to scale back the allotment of SPP Shares to applicants in excess of this amount. The scale back was undertaken on a pro rata basis, capped at 100% of each individual shareholding at the record date for the SPP.

Holding Statements will be despatched on Thursday, 25 February 2021 and trading of the SPP Shares on the ASX on a normal settlement basis will also commence on Thursday 25 February 2021. Excess application monies will be refunded to each applicant by cheque, as soon as practicable.

This announcement is approved by Kingsley Hall, Company Secretary of Micro-X.

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About Micro-X

Micro-X Limited (the Company ) is an ASX listed hi-tech company developing and commercialising a range of innovative products for global health and security markets, based on proprietary cold cathode, carbon nanotube (CNT) emitter technology. The electronic control of emitters with this technology enables x-ray products with significant reduction in size, weight and power requirements, enabling greater mobility and ease of use in existing x-ray markets and a range of new and unique security and defence applications. Micro-X has two mobile digital medical x-ray systems being sold commercially for diagnostic healthcare applications and Micro-X medical products are now in operation in 14 countries around the world.

Micro-X has a portfolio of innovative products in development, including the MBI for imaging Improvised Explosive Devices in security, defence and counter-terrorism applications; a next-generation self-service X-Ray Airport Checkpoint Portal with an integrated body scanner; and a lightweight brain CT imager for early stroke diagnosis in ambulances. Micro-X has its core R&D, engineering and production capability in Adelaide, Australia with a fully in-sourced CNT tube manufacturing line and approximately 95% Australian locally manufactured content.

CONTACTS

Micro-X Limited	Investor Enquiries
Peter Rowland Managing Director Tel: +61 8 7099 3966 E:admin@micro-x.com	David Allen / John Granger Hawkesbury Partners Tel: +61 2 9103 9494 E:dallen@hawkesburypartners.com jgranger@hawkesburypartners.com

Micro-X Limited, 1284 South Road, Tonsley, South Australia, 5042, AUSTRALIA

www.micro-x.com