Two WA companies extend IPO dealines

Two Western Australian companies, Eclipse Uranium and Mobilarm, have extended the deadlines for their initial public offerings (IPO).

Dourado Resources released a statement to the Australian Securities Exchange (ASX) saying its wholly owned subsidiary Eclipse Uranium had resolved to keep its IPO prospectus open for another month.

Eclipse lodged its IPO Prospectus on 3 May.

It hopes to raise $7 million by issuing 35 million shares at 20 cents each.

Eclipse is a uranium exploration company with a portfolio of uranium assets in the Northern Territory.

Meanwhile, Mobilarm, which last week asked for a third extension to its IPO closing date, has reduced the amount it hopes to raise from $4 million to $2 million.

In a statement Mobilarm said that it will issue a Supplementary Prospectus to prospective investors.

The offer has been extended from 14 July until 14 August 2010.

The company's statement said, "This is a very positive development providing financial stability for the company in what has turned out to be difficult time in the capital market."

"The IPO funding and this facility secures the ability of the management team to deliver on growth plans, and importantly, meet the delivery requirements on our major contracts including the US Navy Submarine Escape and Abandonment version of our Mobilarm V100," the statement said.

Mobilarm launched its first IPO last year, with plans to raise $6 million. That offer was scrapped in January.

The company, which develops 'man overboard' and other marine safety devices, returned to the market earlier this year with revised $4 million share offer.

The original closing date for the second offer was 21 May.