Ontario-based online casino and sportsbook operator NorthStar Gaming has announced the completion of its reverse takeover of Baden Resources.
Under the arrangement that was unveiled last June, Baden, which owns Canadian property business Midway Property, combined with NorthStar Gaming Inc and a wholly owned subsidiary of Baden.
This resulted in the reverse takeover by the former security holders of NorthStar, Baden changing its name to NorthStar Gaming Holdings Inc, and the de-listing of Baden common shares from the Canadian Stock Exchange.
In addition, it is expected that a listing of commons shares in the newly combined business on the TSX Venture Exchange will commence later today (March 6).
“The public listing of NorthStar represents a significant milestone and we’re pleased to now provide consumers with the opportunity to become shareholders,” NorthStar founding partner and chief executive Michael Moskowitz said.
“As an organization, we’re focused on executing our strategic vision to grow our iGaming market share across the province of Ontario while also looking ahead to the future with the goal of reaching other markets.”
Confirmation of the reverse takeover comes after last month it was also announced that Playtech had agreed to a CA$12.25m strategic investment in NorthStar Gaming.
The investment has been made by a convertible debenture, which has since converted into equity and warrants in relation to the reverse takeover. Playtech now owns an estimated 16% of the issued and outstanding common shares belonging to NorthStar, as well as owning warrants that would give it the right to boost its stake to over 20%.
Alongside this, Playtech and NorthStar also agreed to extend their existing software and services deal with NorthStar by 10 years, having first entered into the partnership in December 2021.