Baden Resources provides update on NorthStar Gaming transaction
Both companies have agreed to extend the outside date of the transaction to January 30, 2023.
Baden Resources has announced an update on its reverse takeover of NorthStar Gaming.
Both companies have agreed to change the terms of their business combination to extend the outside date for completion of the transaction to January 30, 2023.
In late November, Baden held an annual and special shareholders meeting at which all resolutions were approved.
Since the announcement, NorthStar has raised an aggregate of $10,075,000 in anticipation of the completion of the transaction, the company is continuing its efforts to raise additional funds.
The original agreement was announced in June of 2022. NorthStar Gaming is an online gaming operator registered by the Alcohol and Gaming Commission of Ontario (AGCO).
After the completion of the reverse takeover, Baden will operate the business of NorthStar. In accordance with the terms of the Business Combination Agreement, the parties will complete a three-cornered amalgamation whereby NorthStar will amalgamate with a wholly owned subsidiary of Baden.
NorthStar Gaming also owns and operates NorthStar Bets, a casino and sportsbook gaming platform that was made in Ontario. The NorthStar Bets sportsbook provides real-time news, stats, analysis and scores directly in the betting environment along with the most popular online casino games.
In September, Baden provided another update in regard to NorthStar and the reverse takeover. NorthStar had completed the first closing of its offering resulting in gross proceeds of $4,020,000.
In November 2022, NorthStar Gaming was named an authorized sports betting operator of the NBA in Ontario. As part of the agreement, NorthStar Bets will provide NBA bettors with an immersive gaming experience featuring real-time NBA data.
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