Headed by Graham Jessop – whose father Keith located the sunken HMS Edinburgh in the Arctic Ocean and went on to salvage its cargo of gold bullion – Deep6 has set its sights on recovering non-ferrous metals from the wrecks it discovers.

The group is reported to have compiled a database of over 200 possible locations on which it will centre its attentions and will spend the money raised on flotation to help upgrade its existing Deepworker salvage vessel and invest in further equipment.

Further details of the fundraising have yet to be confirmed although a likely starting market valuation of around £50 million has been suggested.