iBasis Raises $31.5 Million in Private Placement

iBasis announced the closing of a private placement, resulting in gross proceeds to iBasis of approximately $31.5 million. In the private placement, iBasis sold 15.0 million shares of common stock to a group comprising new and existing accredited individual and institutional investors at $2.10 per share. The company said it intends to use the funds for working capital requirements and general corporate purposes. http://www.ibasis.net