Here’s something about an online venture capital exchange that has nothing to do with either Facebook or the SEC (thank goodness):

Republic Project, a stealthy company that wants to help musical artists more directly engage and sell to its fans, is about to become the first startup to directly offer its shares to investors via a P2P platform.

Fortune has learned that the Arizona-based company is looking to raise up to $250,000 via MicroVentures, an online exchange launched late last year by Bill Clark, a former portfolio manager in PayPal’s merchant risk management unit. MicroVentures only takes a fee if the issuer raises its desired amount, and also provides certain free services that ensure the issuer is in regulatory compliance.

MicroVentures users — who must be accredited investors — are allowed to invest up to $5,000 via the website, or more by directly picking up the phone.

Word is that both SecondMarket and SharesPost are also planning to begin offering direct investment opportunities, while AngelList has become the nonprofit mecca for connecting startups and angel investors (although not for actually managing the transactions).

MicroVentures declined to comment.