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Axiologix secures USD5m financing commitment from Dutchess

Axiologix Education, an educational software provider, has entered into an investment agreement for a USD5m equity line of credit with Dutchess Opportunity Fund II.

"We are pleased to be working with Dutchess Capital at such an exciting time in the company’s history. We believe there is a significant growth opportunity in the educational software market, and we expect that this financing commitment will help accelerate our development and growth," says John Daglis, Axiologix’s chief executive.

Douglas Leighton, managing director of Dutchess, says: "We believe in management’s efforts to grow Axiologix and this facility provides inexpensive and flexible access capital. Regardless of the ever-tightening capital markets, Dutchess continues to finance the growth of promising companies such as Axiologix."

During the 36-month term of the agreement, Axiologix has the option to sell shares of its common stock to Dutchess at per share prices to be determined based on a five per cent discount to market prices in accordance with an agreed-upon formula. Axiologix will control the timing and amount of any sales of shares sold to Dutchess.

The equity line remains subject to certain conditions.

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