Control Bionics (ASX:CBL) raised around AU$2 million via a private placement to two existing shareholders, Nightingale Partners and Phoenix Development Fund, at an issue price of AU$0.045 per share, according to a Tuesday Australian bourse filing.
A total of 4.8 million shares were issued under the firm's share issue capacity.
It will use the proceeds to focus on revenue growth in its core operations and the expansion into new high-potential markets, including the NeuroNode Only and NeuroStrip platforms.
The firm's shares rose 4% on market close Tuesday.
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