EasyHotelPlc completed the placement of 38 million new ordinary shares of 1pence each at a price of 100 pence per share.

The company raised gross proceeds of £38.0 million when theoffer closed Sept. 28, according to a statement.

The shares placed represent approximately 60.8% of theordinary shares in issue as of Sept. 28, and the placing price represents apremium of about 18.3% to the Sept. 27 closing mid-market price of thecompany's shares.

Proceeds from the placing are expected to be primarily usedto fund the group's roll-out strategy.

Investec Bank plc acted as a nominated adviser and solebroker for the company.