Extrawell Pharmaceutical (HKG:0858) agreed to sell 160 million shares to three separate investors for HK$15.4 million in net proceeds, according to a Hong Kong bourse filing Friday.

Shares of the pharmaceuticals company rose over 3% in pre-market trade Friday.

The company plans to issue 30 million shares to Tsang Kwong Chiu; 20 million shares to Zhang Xiaojia; and 110 million shares to Fudan Health International.

All of the shares will be sold at HK$0.097 apiece for net proceeds of HK$2.9 million, HK$1.9 million, and HK$10.6 million, respectively.

The shares represent 1.24%, 0.83%, and 4.4% of the company's enlarged issued share capital.