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TOLEDO, Ohio - EpicQuest Education Group International Limited (NASDAQ:EEIQ), a provider of higher education services in the US, Canada and the UK, announced today it has entered into a securities purchase agreement with institutional investors for a registered direct offering of 5,068,493 ordinary shares at $0.73 per share. The offering price represents a significant discount to the current trading price of $1.24, following the stock’s remarkable 125% surge over the past week, according to InvestingPro data.
The offering, expected to close on or about Tuesday, is anticipated to generate approximately $3.7 million in gross proceeds before deducting placement agent fees and other expenses. FT Global Capital, Inc. is serving as the exclusive placement agent for the transaction.
According to the company’s statement, the net proceeds will be used for working capital and general corporate purposes.
The securities will be issued through a registered direct offering under an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission. The offering is subject to customary closing conditions.
EpicQuest Education operates educational institutions including EduGlobal University in British Columbia and holds a 70% ownership stake in Davis University in Toledo, Ohio. The company also acts as a recruiting agent for several universities in the UK and maintains recruiting relationships with Miami University Regional campuses in Ohio.
The announcement was made in a press release issued by the company.
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