Aumake (ASX:AUK) has executed a Debt Release Deed to convert $1,423,094 of debt into Aumake equity at an issue price of $0.00888 per share.
The social e-commerce marketplace company says the 160,249,240 shares will be subject to a 12 month escrow period, commencing from their date of issue.
Aumake's Chairman, Stephen Harrison says the Deed is very encouraging news that significantly improves the company's prospects and growth ambitions.
The company's share price is up 25% this morning.