NEW YORK, Sept. 4, 2014 (GLOBE NEWSWIRE) -- Aspen Group, Inc. (OTCBB:ASPU), parent of Aspen University, a nationally accredited online postsecondary education company, announced today the final closing of a $5.4 million private placement of equity securities to certain institutional and accredited investors.
The offering was led by Sophrosyne Capital and Charlestown Capital, together with new investors Leon G. Cooperman, Global Undervalued Securities Master Fund, LP, Taurus Capital Partners LLC, and Dillon Hill Capital.
Chairman and CEO Michael Mathews commented, "The proceeds from this transaction will be used for growth capital, to continue building world-class curriculum on our new Desire2Learn academic learning system, and for general corporate purposes, including, but not limited to, the early retirement of the Company's outstanding debentures."
Mathews further commented, "I could not be more pleased with the number, quality and reputations of the institutional investors participating in this capital raise. Aspen's offering was well oversubscribed and now provides the Company with sufficient resources and capital to fund its long-term business plan."
Aspen Group, Inc.'s first closing for $1.63 million was on July 29, 2014, followed by the final closing today of an additional $3.77 million, totaling $5.4 million. The securities were offered direct to investors without a placement agent or underwriter.
About Aspen Group, Inc. (OTCBB:ASPU)
Aspen Group, Inc. is an online postsecondary education company. Aspen University's mission is to offer any motivated college-worthy student the opportunity to receive a high-quality, responsibly priced distance-learning education for the purpose of achieving sustainable economic and social benefits for themselves and their families. Aspen is dedicated to providing the highest quality education experiences taught by top-tier faculty – 61 percent of our adjunct faculty hold doctoral degrees. To learn more about Aspen University, visit www.aspen.edu.
CONTACT: Media Contact: Aspen Group, Inc. Michael Mathews, CEO 914-906-9159
Source:Aspen Group, Inc.