Bacui Technologies International (SGX:YYB) raised SG$4.7 million in net proceeds from a non-renounceable rights issue, offering three new shares for every existing share, according to a Wednesday filing on the Singapore Exchange.

The issue, which closed on Dec. 19, was oversubscribed by 22.25%, with valid applications received for 3.996 billion shares against the 3.27 billion available.

Of the total proceeds, 89.3% will be used to repay shareholder loans, while 10.7% will be used to fund general working capital.