NorthStar Gaminga Canadian casino and sports betting operator, has proceeded with the reverse takeover of Baden Springsa mineral exploration company focused on the acquisition, exploration and development of mineral properties in Canada and the US.
NorthStar Gaming will be acquired by Baden Resources
The operator announced its intention to undergo a reverse takeover with Baden Resources last month. The former has now gone ahead with the deal by signing a business combination agreement with its target company. This will result in what is known as a “three corner join”.
NorthStar’s strategy is to merge with one of Baden Resources’ subsidiaries. As a result, the merged company will become one of Baden’s wholly owned subsidiaries. Prior to this move, NorthStar Gaming will split its shares and then exchange them for the same number of Baden Resources shares. When this move is complete, the resulting company will assume responsibility for NorthStar’s business.
The two companies must fulfill certain conditions
There are several prerequisites for the success of this agreement. First of all, they include due diligence being completed satisfactorily by both companies. The conditions also include obtaining any required regulatory approvals, as well as the completion of the concurrent offering. In addition, Baden Resources will have to delist from the Canadian Stock Exchange. Finally, the newly formed company must successfully secure conditional approval to list on the Toronto Venture Exchange.
The deal is also subject to approval by Baden Resources shareholders. For this, the company will hold a meeting to discuss the agreements and all the necessary documents for the scheme. Notably, this includes a change in Baden’s authorized share structure to include preferred shares.
NorthStar expands presence in Canada
NorthStar Gaming is the company behind NorthStar Bets, an online casino and sportsbook operator tailored to the needs of Ontario bettors. It not only provides a localized gaming experience, but also captures the hearts of fans with promotional content, in-depth analysis and sports knowledge. NorthStar even hired legendary Canadian broadcaster Rod Black as host and brand ambassador to show that it cares about providing a supreme gaming experience.
The creation of NorthStar Bets came before the historic legalization of iGaming in Ontario, one of Canada’s largest provinces. The brand was recently launched into the fresh gambling market in the province thanks to a deal with Playtech.
The Ontario iGaming Market launched on April 4, welcoming numerous gaming operators and B2B companies to the country. The province quickly established itself as one of the most coveted markets by gambling firms.