The firm said this was the maximum period of extension which the Croatian government could grant.

The licence is held in the name of the company?s Croatian subsidiary company, Cubus Lux doo, and its extension will enable the group to continue its investment programme into further casinos in Croatia.

It added: "This extension provides additional potential expansion opportunities, as the new Croatian Gaming Law for casino operators, effective as of 1 January, permits for the first time online gaming to be provided by licensees." Cubus Lux also said it had raised £57,000 through the conditional allotment of 325,000 ordinary shares at 17.5p each.

Application has been made for admission of these shares to trading on AIM and this is expected to become effective on 7 January.

The proceeds of the share issue will be used for the continuation of the Molatska residential/commercial project and to provide the company with additional working capital.

It said 75,000 shares are to be issued to Dodge Private Equity which is owned by Cubus Lux chairman Gerhard Huber.

Story provided by Business Financial Newswire