Mobile health and e-health company G Medical (ASX:GMV) has raised $13.5 million through a heavily oversubscribed institutional and sophisticated investor placement.
The placement included 31.4 million fully paid ordinary shares at $0.43 a share.
The funds will be used to expand capital for the company’s recently announced acquisition and distribution partnerships.
The company previously announced a US$5 million funding injection through a Chinese joint venture agreement with GIBF.
This takes the company’s cash position to approximately $22.9 million.
Shares in G Medical (ASX:GMV) are trading 6.67 per cent higher to $0.56.