Salt Investments (SGX:FQ7) completed the issuance and allotment of 4,333,333,334 shares to certain investors under a fund raising exercise, according to a filing with the Singapore Exchange on Wednesday.

The shares are expected to be listed, quoted and start trading on the Singapore Exchange on or about Jan. 6.

Following the first closing, the company has received subscription monies of around SG$6.5 million from Wong Shun Lee, Quek Hong Sheng Roy and ROQ Investments.

However, the company has not received subscription monies of around SG$4 million from Hin Chin Qui and Yip Kean Mun. Therefore, the company has terminated subscription agreements with the duo. The company will now look for replacement subscriptions to raise another SG$4 million.

Following the conclusion of the placement of 12,206,666,668 shares, including 7,873,333,334 placement shares which were issued and allotted on Nov. 15, 2024 and the said 4,333,333,334 shares, the company has raised total net proceeds of around SG$20.1 million.

The net proceeds will be used for expansion, entry of the group into the digital transformation business, and for working capital needs.

Shares of the company zoomed over 33% in recent trading.