Rand Capital Corp. will sell 8,333,333.33 common shares at a par value of 10 cents per share to East Asset Management, following approval from the U.S. Small Business Administration received by its subsidiary, Rand Capital SBIC LP.

The purchase price is $3.00 per share for an aggregate purchase price of $25 million. The amount will be paid to Rand Capital in cash and through the contribution of existing loans and other securities.

The transaction is expected to close in November.