Aedge Group (SGX:XVG) aims to raise around SG$3.5 million by placing 16.7 million new shares at SG$ 0.21 each, for which it has entered an underwritten placement agreement on Friday, according to a same-day filing to the Singapore stock exchange.

After accounting for the estimated fees and expenses, the net proceeds will be around SG$3.4 million, the multi-services provider said.

The new shares amount to about 10.29% of the existing share capital of 161.9 million and around 9.33% of the enlarged capital of 178.6 million shares.

Proceeds from the proposed placement will be used to support the growth of its investment properties division, strengthen its general working capital position, and to broaden its shareholder base, which may in turn improve its trading liquidity.