The company has conditionally raised about £1.5m through the first placing of the shares with institutional investors. It proposes to raise a further £5.5m through a second placing.
Research Now said the £7m will be used to ensure the company is adequately funded for future growth and to provide it with the funds to pay the first instalment of the deferred consideration for the acquisition of Samplenet e-Research Solutions, now trading as Research Now OpenVenue.
Research Now acquired Samplenet e-Research Solutions in February this year. It is Canada's largest specialist online fieldwork company.
Under the terms of the agreement for the acquisition, the deferred consideration was to be paid in two instalments after October 31 2007 and October 31 2008.
The payments will be calculated according to Samplenet meeting gross margin performance targets and can be satisfied 50% in cash and 50% in ordinary shares.
Research Now said the funds raised through the placing of these new ordinary shares give it the opportunity to pay the deferred consideration wholly in cash, "if it so wishes".