Rocky Mountain Internet Inc has completed a private placement of series B convertible preferred stock, raising gross proceeds of $8m. The Denver-based company said it also obtained a commitment for an additional $5m, subject to the satisfaction of certain conditions. The shares were issued to two institutional investors. RMI will use the proceeds of the transaction to fund its continuing aggressive growth strategy, which will no doubt include more acquisitions. The company said the funding, along with the recent acquisitions of Internet Now, Unicom Communications, Stonehenge and DataXchange Network, positions it as a nationwide tier one internet provider.
