Venture capital company Rand Capital Corporation has closed on the sale of its largest portfolio holding, Gemcor II.
Rand had previously announced on 5 January, 2016, that it entered into an asset purchase agreement under which it had agreed to the sale of Gemcor.
Gross proceeds to Rand, which owned 31.25 per cent of Gemcor, are expected to be USD15.2 million. Net proceeds to Rand, after deducting taxes and expenses associated with the transaction, are expected to be approximately USD10 million.
