Verso, a provider of integrated communications solutions, has secured $13.5 million in a private placement.

The warrants are covered by more than 20 million shares of Verso (Nasdaq: VRSO) stock,

To help secure the financing, Verso’s directors and senior management agreed to “voluntarily” use their own stock options “to satisfy the company’s obligations” for the shares needed in the debenture transaction. Verso said their options would be “unexercisable” until the company issued more stock.

The company said the funds would be used for “next generation network solutions”.