Middletown, R.I.-based Towerstream, which provides non-mobile WiMax service to businesses, said today that it will raise about $40 million by selling 10 million shares at $4 each to investors.

"We have spoken with many investors who understand the value of our WiMAX business. We believe that there is a growing interest in the future of WiMAX and our position in the WiMAX marketplace. The proceeds from this offering will provide us with the capital to build out our target markets and solidify our position as a WiMAX leader" said Jeff Thompson, Towerstream's president and CEO.

The company, which is listed on the over-the-counter market, said the offering is expected to close on June 11.

Towerstream offers service in Seattle after buying a network from Seattle-based Speakeasy, which was recently purchased by Best Buy.

GigaOM, the technology blogger, said in a posting today the ability for Towerstream to raise money can be attributed to Kirkland-based Clearwire.

"The buzz around Craig McCaw's Clearwire and WiMAX has been the kind of boost tiny Towerstream has been looking for. It had been selling fixed wireless services to businesses for a while and had made a nice living following the time tested business philosophy of organic growth. (Read: Last Mover Advantage) Of course, that meant not many paid much attention to them, and turning a profit was hard."

In trading this morning, Towerstream's stock dropped $2.02 or 34.4 percent to $3.85 a share.