logo-loader

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

Published: 18:31 17 May 2018 EDT

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.

Novo Resources sees substantial upside potential at Nunyerry

Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) co-chair and acting CEO Mike Spreadborough joins Jonathan Jackson in the Proactive studio to discuss promising gold outcomes from recent reanalysis of drill intercepts in a 2023 program at Nunyerry North in Western Australia. Using advanced...

9 hours, 13 minutes ago