Exalt Resources (ASX:ERD) has raised A$5 million in a heavily...

Exalt Resources (ASX:ERD) has raised A$5 million in a heavily oversubscribed pubic offer as the New South Wales-focused explorer transitions into the medical sector via ehealth software company MedAdvisor International.

Exalt (to be renamed MedAdvisor Limited) offered up to 166 million shares at an issue price of $0.03 per share under the offer, which will close at an extended date on October 16.

The timetable for beginning trading is not affected by the , with the offer set to formally close next week

Re-quotation of shares under MedAdvisor, including shares issued under the offer, has been scheduled for November 5.

The offer attracted strong support from institutional investors, pharmacies and pharmacy groups.

The company has received applications and firm commitments for well in excess of the maximum subscription for shares under the offer and will have an indicative market capitalisation of $20 million.

The funding will be used to enhance the company’s marketing efforts to attract a significant number of new customers and allow for the development of new initiatives, including building and launching its general practitioner services offering.

Funding will also be allocated to explore new markets both domestically and overseas.

MedAdvisor has developed a software platform that assists individuals in correctly using medication via a ‘virtual pharmacist’, improving their health outcomes through improved medication adherence. The software uses a cloud computing approach, in conjunction with optimised user experience, on mobile and web devices.

MedAdvisor’s platform and free apps have achieved early success with pharmacies and consumers. The app is free for consumers and is actively being used by more than 93,000 Australians.

One quarter of Australian pharmacies are paid subscribers, and it has been the most downloaded medication-related app in Australian Apple and Android stores since 2013.


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