Fastjet raises £950,000

Low-cost African airline fastjet (LON:FJET) has raised £950,000 after drawing down on its equity financing facility with Darwin Strategic.

Under the terms of the deal, the company raised the funds by issuing Darwin 47.5mln new shares at 2p a pop – a slight premium to yesterday’s closing market price.

It is expected the new shares will hit the market on March 3.

The airline’s latest passenger numbers showed it is flying in the right direction.

In January, its operations in Tanzania carried 31,241 passengers, achieving a load factor of 60%.

The average yield per passenger was US$88, compared with US$46 in the same month last year.

This gave total revenue of US$2.75mln, a 128% year-on-year rise based on a 27% rise increase in capacity.