SubSea Resources has requested that dealings in its shares and warrants are suspended as it seeks clarification of its financial position.
The Company has been shipping water for sometime and despite strenuous recent efforts to secure further funding and an extensive seabed survey contract it looks like neither will come off.
SubSea added in the statement that the decision has been made "to seek to secure sale of the assets and business of the Company".
About SubSea Resources
SubSea Resources has been formed to salvage cargoes from cargo ships that have been lost in deep water. Only a handful of wrecks have been salvaged in water depths exceeding 1000 metres, whereas hundreds have been worked on in depths down to 300 metres. The barrier to deeper work has been a lack of technology, which is now available mainly due to developments in the offshore oil and gas industry.