(Reuters) – African budget airline Fastjet Plc (FJET.L) said it raised 11 million pounds ($18.42 million) through a private placement of shares, including a 1 million pound investment from a unit of easyGroup Holdings.

The offering of 687.5 million shares was priced at 1.6 pence per share, representing a discount of 11.1 percent to the stock’s closing on Wednesday.

The placement will more than double the number of the company’s shares.

The airline, which aspires to be the first pan-African low-cost carrier, had said earlier this month it was in talks with a number of potential investors including easyGroup, the private investment vehicle of billionaire Stelios Haji-Ioannou.

Fastjet shares were trading down 4 percent at 1.7 pence at 1451 GMT on the London Stock Exchange.

($1 = 0.5971 British Pounds)