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- Aumake (AUK) has secured binding commitments to undertake a $7 million placement
- More than 116.6 million new shares will be issued to institutional and sophisticated investors at 6 cents, representing a 15.7 per cent discount on the five-day volume-weighted average price
- Participants will receive one free attaching option for every two shares purchased — however, this is subject to shareholder approval
- These options will be exercisable at 14 cents with expiry three years from issue
- Aumake will use the funds to promote and market its new online platform in Asia, build its e-commerce platform, and refurbish its flagship concept store in Sydney
- Shares are expected to settle on December 29 and be issued and allocated on December 30
- Aumake is down 2.86 per cent on the market and shares are trading at 6.8 cents
Aumake (AUK) has secured binding commitments to undertake a $7 million placement.
All up, 116,666,667 new shares will be issued to institutional and sophisticated investors at six cents, representing a 15.7 per cent discount to the five-day volume-weighted average price.
Subject to shareholder approval, participants will receive one free attaching option for every two shares purchased, exercisable at 14 cents with expiry three years from issue.
Also subject to shareholder approval is the issue of $750,000 worth of shares to company directors.
Shares are expected to settle on December 29 and be issued and allocated on December 30.
Aumake will use the funds to promote and market its new online platform in Asia, build its e-commerce platform, launch new brand marketing campaigns, and refurbish its flagship concept store in Sydney.
“This placement will enable us to fast track marketing and growth initiatives, with plans to drive substantial user uptake and sales growth, as well as continued technology buildout,” Executive Chairman Keong Chan commented.
“While our new social e-commerce platform is already generating strong active new user growth and repeat purchasing, the placement supports our commercial rollout including marketing activities which will significantly increase our platforms visibility in mainland China,” he said.
“It also enable us to invest in direct marketing campaigns for new brands and the introduction of profit-sharing models to drive influencer interaction and sales conversion,” he added.
Aumake is down 2.86 per cent on the market and shares are trading at 6.8 cents at 3:07 pm AEDT.
