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Article Excerpt
ORLANDO, Fla. -- VoIP, Inc. (OTCBB: VOIC) announced today that it has entered into definitive agreements for a private placement comprised of secured convertible notes ("Notes") issued to a number of institutional investors, including existing shareholders. The Company agreed to issue Notes carrying a face value of $2,871,601, resulting in net proceeds to the Company of $2,497,044. Proceeds will be used to repay outstanding promissory notes and other obligations to investors, and to support working capital requirements created by the Company's growth. VoIP received approximately $1.3 million in the first closing and is expected to receive the remaining proceeds under closings scheduled for January 18, 2008 and February...
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