Inspired Energy has raised £9.0m, gross, through a placing of 62,068,966 new ordinary shares at 14.5p apiece.
Inspired said the placing was significantly oversubscribed with a number of new and existing shareholders participating.
It said 24,241,920 shares had been placed under existing authorities granted to the directors at the annual general meeting on 20 June and the balance of 37,827,046 shares were subject to approval at a general meeting.
Earlier, Inspired announced it had agreed to acquire 90% of Horizon Energy Group, a corporate energy procurement consultant based in Cork, for €9.0m.
Inspired said it had the option to acquire the outstanding balance of 10% of the issued share capital of Horizon for payment of a further €1.0m in cash.
It said a further deferred consideration of up to €5.0m may become payable in cash, subject to the achievement of certain financial performance targets for the periods ending 31 December 2017 and 31 December 2018.
At 9:32am: (LON:INSE) Inspired Energy PLC share price was +0.88p at 15.75p