- Telehealth company G Medical Innovations (GMV) has received firm commitments to undertake a $5 million placement
- To raise the funds, 100 million fully-paid ordinary shares will now be issued to institutional and professional investors at a price of five cents each
- Shares are expected to issue on or around August 13
- The company will use the funds to scale-up its Independent Diagnostic Testing Facility (IDTF) operations and increase the manufacturing capabilities of the Prizma device and G Medical Patch
- The money will also go towards increasing its U.S. sales team
- G Medical is down 14.3 per cent and shares are currently trading for 5.4 cents each
Telehealth company G Medical Innovations (GMV) has received firm commitments to undertake a $5 million placement.
The company entered a trading halt on Wednesday but did not know how much it would be raising at the time.
To raise the funds, 100 million fully-paid ordinary shares will now be issued to institutional and professional investors at a price of five cents each.
Shares are expected to issue on or around August 13.
G Medical will use the money to scale-up its Independent Diagnostic Testing Facility (IDTF) operations, increase the manufacturing capabilities of the Prizma device and G Medical Patch, and increase its U.S. sales team.
“We now have the financial capacity to fast-track IDTF’s growth and fund greater manufacturing volumes for the Prizma and the Patch in anticipation of more purchase orders,” CEO, Dr Yacov Geva said.
“We will provide shareholders with an update as these matters progress,” Yacov said.
G Medical is down 14.3 per cent and shares are trading for 5.4 cents each at 12:54 pm AEST.