Nedlands-based investment company Oceanic Uranium Fund Ltd has extended its $50 million initial public offer until March 28, after a lacklustre response from investors.
The company had hoped to raise a minimum of $25 million before December 17, 2007 and list on the Australian stock market on January 10, but the level of acceptances up until the launch of its supplementary prospectus on February 6 this year amounted to just $3.85 million, from 149 applications.
Oceanic now expects to make its debut on April 3, and plans to use funds raised for investments in the uranium and broader energy sectors.
The deadline extention comes less than three weeks after Subiaco-based Golden State Resources Ltd extended the deadline of its White Canyon Uranium Ltd IPO by 26 days to February 18, 2008.
White Canyon is seeking to raise $17.5 million, via the issue of 70 million shares at 25 cents each, and is accepting oversubscriptions of up to 8 million shares at 25 cents each to raise up to $2 million.
As a result, White Canyon's anticipated original listing date of February 7 has been pushed out until February 29.
Oceanic is chaired by Warren Davies and will be managed by Oceanic Asset Management Pty Ltd.
Mr Davies is joined on the board by Stuart Bell, Tony Walsh and Ian Burton. David McArthur will serve as company secretary.
BDO Kendalls is acting as investigating accountant and independent taxation adviser, while Fairweather & Lemonis is providing legal advice.
