New Ray Medicine International (HKG:6108) is looking to raise maximum net proceeds of HK$7.4 million from the placement of over 33.4 million shares to at least six investors at HK$0.225 apiece, a Dec. 5 Hong Kong bourse filing said.

Shares of the pharmaceutical company were up 16% in Monday afternoon trading.

The shares represent 16.66% of the firm's enlarged issued share capital.

The company will use proceeds to acquire additional distribution rights for its core business.