Prospera Global (SGX:5HH) is set to raise gross proceeds of around SG$7.0 million via issuance and allotment of 414,145,370 new shares at SG$0.017 to three individual subscribers, according to a Thursday filing with the Singapore Exchange.

The shares will be issued to Guo Jiahui, an executive director and chief executive officer of Prospera Global; to Jin Jixiang, an executive director and chief operating office of the company; and to Huang Yanyan, an unrelated businesswoman.

Proceeds will be utilized for working capital needs and to fund the development of existing and new business opportunities.

Shares of the company surged over 45% in recent trading.