Asia Equity Exchange Group, Inc. (OTCMKTS:AEEX), an equity investment and financing information services provider in Asia, announced today that it has completed a self-directed private placement (the “Placement”) of 4,300,000 shares of common stock of the Company for $3.5 per share pursuant to a Subscription Agreement dated November 21, 2017 (the “Subscription”). The gross proceeds of the Subscription is approximately $15 million. The total number of newly issued shares represent approximately 3.62% of the issued and outstanding number of shares after giving effect to the Subscription.
The Company plans to use the net proceeds of the Placement for brand promotion, marketing development, information technology system and expenses in relation to the Company’s plan of up-listing to the Nasdaq Capital Market or such other national securities exchange in 2018.
Mr. Xiangyu Wang, Chief Executive Officer of AEEX commented:
We are very grateful for the successful and strong closing of this private placement. With a sound balance sheet, validation from industry investment, and continued support from AEEX’s major shareholders, we can execute our expansion plans with confidence.” Mr. Wang continued, ” Our team is eager to capitalize on the broadened recognition of AEEX’s brand and industry leadership in Asia, and turn each strategic initiative into long-term shareholder value.
A current report on Form 8-K was filed with the Securities and Exchange Commission on November 24, 2017 (the “Form 8-K”). The foregoing is only a brief description of the material terms of the Agreement, and does not purport to be a complete description of the rights and obligations of the parties thereunder and is qualified in its entirety by reference the Form 8-K. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.