HealthBank (SGX:40B) expects to raise around SG$422,685 through the subscription agreement of up to 15.5 million shares at SG$0.02727 per share, according to a Thursday filing with the Singapore Exchange.
Shares of the company surged over 72% in Friday trading.
The subscriber, Dominic Zhao Ziqing is a private investor who will subscribe in two separate tranches.
Proceeds raised from the placement will be used to finance the group's working capital and for potential investment projects.
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