STORES | Staff Reporter, Australia

Aumake to launch Sydney concept store from $5.43m funding

Funds will also be used for the promotion of its social e-commerce platform in Asia.

ASX-listed Aumake Limited (AUK) has secured funding of $5.43m (A$7m), which will be partly used for the technology buildout of AUK’s social e-commerce platform and the launch of its flagship Town Hall concept store in Sydney, the company revealed in a bourse filing.

The placement was led by a cornerstone investment by Steven Hu, a former partner of a Hong Kong-based venture capital firm, and co-investors. In addition, all AUK Directors will participate in the raise under the same terms as the Placement for a total amount of $750,000.

“In preparation for the return of international students and tourists, we’re opening a Town Hall concept store in Sydney to facilitate repeat purchasing and the cost-effective conversion of physical traffic to our online platform,” AUK’s executive chairman Keong Chan said.

Funds will also be used for the promotion and marketing of its new online platform in Asia, the launch of its new brand marketing campaigns in Asia, and corporate purposes including general working capital requirements.

The funds were clinched through a placement of around 116.67 million new shares at $0.047 (A$0.06) per share. Tranche 1 (101.75 million shares), was issued starting 28 December 2020, with Tranche 2, (14.92 million shares), to be issued subject to shareholder approval.

The proposed issue of options and Tranche 2 new shares will be subject to shareholder approval, which will be sought through an extraordinary general meeting in Q1 2021.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.