Fastjet Plc has announced that it has entered into a binding subscription agreements to raise $2.4 million through the issuance of 42,857,144 new ordinary shares in the company at a price of 3.5 pence per share.

Upon completion it is expected that approximately 2.43 percent of the enlarged issued share capital of the company would be achieved.

FastJet is the holding company of Fly540 which has been operating in Ghana for about a year now.

FastJet, which will begin operations in Africa this month, will establish its first operating base at Dar es Salaam in Tanzania, after which it will extend to Nairobi, Kenya.

According to David Lenigas, FastJet’s Executive Chairman, “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.”

“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.”