G Medical raises $13.5m in placement

Company News

by Kathy Skantzos

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.

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