Mobilarm taps nervous shareholders for $1.7m

The locator beacon developer hasn't made a compelling argument for its capital raising, given the slow take-up rate of its product despite the Nigerian mandate.

Mobilarm (MBO) is turning to shareholders for an additional $1.7 million to build a rental business for its man-overboard beacons and life jackets.

The developer of a new generation of locator beacons that help pinpoint the exact location of someone who has fallen into the ocean is undertaking a one-for-seven non renounceable entitlement offer priced at 4 cents a new share.

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