Fast Jet to raise $2.4m in share issue

Fastjet Plc has entered into binding subscription agreements to raise $2.4 million (£1.50 million) through the issue of 42,857,144 new ordinary shares at a price of 3.5 pence per share. Upon completion the Subscription Shares will represent approximately 2.43% of the enlarged issued share capital of the Company.

David Lenigas, FastJet’s Executive Chairman, commented: “Following the announcement on 5th November 2012 of the completed FastJet branding and the launch of FastJet operations in Tanzania with three A319 aircraft, the Company is now progressing with establishing the second hub location for FastJet in the continuing plan to build the FastJet network into the Low Cost Carrier for all of Africa.”

He added: “These additional funds will be deployed in assessing an earlier than expected opportunity for FastJet to interact with the Southern African market place and progressing with the opening of further operational hubs for the FastJet network across Africa.”