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G Medical Innovations Holdings Ltd

G Medical Innovations president provides company with loan of up to $3 million

The loan will result in short-term funding for the mobile health technology provider.

Smartphone transformed into medical monitor
The company's mobile case transforms a smartphone into a medical monitoring device.

G Medical Innovations Holdings Ltd (ASX:GMV) president and chief executive officer Yacov Geva has provided an unsecured loan to the company of up to $3 million.

The arrangement will result in short-term funding for the mobile health technology provider.

It will fund G Medical’s inventory, medical devices and working capital requirements.

Specialist in mobile e-health solutions

The company, which was founded in August 2014, specialises in innovative next-generation mobile and e-health solutions and services.

It does so by using its suite of devices and software solutions with a view to driving multiple and recurring revenue streams, across numerous verticals and territories.

Loan repayable in 12 months

Geva’s loan will bear interest of 10% per annum with a repayment date of April 30, 2019, and is unsecured.

The company has the option to fully repay the loan at its own discretion during the 12 month period.

G Medical’s Board is of the view that the loan terms are substantially better than those available from commercial lenders and that the agreement is otherwise on arms’ length terms.

Quick facts: G Medical Innovations Holdings Ltd

Price: $0.12

Market: ASX
Market Cap: $47.91 m
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