Submarines offer undersubscribed

The company says it received applications for 925,000 shares at 40 cents a share, to raise around $370,000.

The issue was underwritten up to 1.475 million shares, and the company says the balance of 550,000 shares has been subscribed pursuant to the underwriting agreement.

Submarines Australasia plans to use the capital raised to replenish working funds and provide for future developments.

When it announced the issue the company said the proceeds that were underwritten would enable it to operate at least until the end of November without earning any revenue.

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