Discovery Resources (ASX:DIS) has completed the acquisition of the Canberra Casino and has raised the minimum subscription of $2 million through a placement priced at $0.20 to Aquis Canberra Holdings.
The company, which will be renamed Aquis Entertainment Limited, has issued 149,421,874 shares to Aquis as consideration for the acquisition.
A further 14,125,051 shares will be issued on Aquis successfully submitting a proposal for the redevelopment of the Canberra Casino.
This will up-scale the casino by offering a new and modernised suite of gaming options; 5 and 6-star accommodation offerings; new entertainment and dining facilities; and high end retail outlets.
Canberra Casino generated revenue of $15.9 million in 2014.
