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Submarine Adventures to look for more cash

Friday 14th July 2000

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A further capital raising for Dunedin-based Submarine Adventures is likely to be announced in the next fortnight as the company moves closer to setting up ventures at Milford Sound and Lake Wakatipu.

Ninety-five investors put up almost $2 million in Submarine Adventures in a capital raising organised by Wellington stockbroker Reuhman & Co late last year. The company trades on the Stock Exchange's unlisted securities market.

Submarine Adventures managing director Philip Mladenov has been negotiating with Ngai Tahu, which has tourism and property interests in Queenstown, to use a wharf that is about to be redeveloped. Ngai Tahu is also tipped as a likely equity partner, although Mr Mladenov said there were no plans afoot yet.

The Lake Wakatipu submarine will be a nine-passenger cruiser capable of travelling at eight knots and will explore five sunken wrecks and other features. Dr Mladenov said Lake Wakatipu is one of the deepest lakes in the world with steep sides, and plenty of fish life.

Earlier this year Submarine Adventures bought a five-person submarine, an American-built XPC 1501 to use in its Milford Sound operation.

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