Discovery Minerals, Ltd. publicized the completion of the merger and acquisition of Deer Park Development Corporation. Deer Park was a real estate corporation from Nevada. Due to the deal, Deer Park would be considered as Discovery Mineral's subsidiary.
The purchase was an all-stock deal. It included a share trade agreement for exchangeable favoured stock. The finals terms of the deal would be revealed in the company's disclosure statement on or before the last day of July.
"The acquisition makes business sense because Deer Park Development Corporation had a U.S. GAAP standard audit done in 2011 where over $9.5 million in impaired equity was quantified on the balance sheet. Deer Park brings commercial interests, equity, rights and entitlements in a variety of businesses that include alternative energy technology assets, gaming machines, entertainment and leisure facilities, and a list of real estate transactions that can be executed by the current President, Mr. Marty O'Malley, who will remain at the helm of the subsidiary," Henry Manayan, Chief Operating Officer, said.
"With some careful planning and management, Deer Park could be running 100 machines by December," O'Malley stated.
Discovery Minerals sought to finalize a two year GAAP standard audit of its remaining unaudited financial documents. It was currently in talks with Malone Bailey regarding the matter.
Join the Conversation