Baden Resources has announced that it has entered into a non-binding letter of intent with NorthStar Gaming concerning the proposed reverse takeover of Baden by NorthStar Gaming.
A reverse takeover is a process whereby private companies can become publicly traded companies without going through an initial public offering.
The transaction remains in the proposal stage, pending several criteria to be reached before completion. Baden Resources must complete a share consolidation before NorthStar Gaming will make an offering of subscription receipts (known as a “concurrent offering”).
In connection with the proposed transaction, it is intended that Baden would acquire, pursuant to a three-cornered amalgamation or other structure (mutually agreed by both parties) all of the outstanding shares of NorthStar Gaming in exchange for shares of Baden.
The criteria for completion includes the negotiation of definitive documentation by 27 June 2022, the receipt of regulatory approvals and the acceptance of the concurrent offering.
It is also a condition to completion of the proposed transaction that Baden Resources delists from the CSE and obtain conditional approval to list on the TSX Venture Exchange.
A Canadian company, NorthStar Gaming owns and operates NorthStar Bets, a made-in-Ontario casino and sportsbook gaming platform that provides players with a uniquely local, premier user experience. The NorthStar Bets sportsbook provides real-time news, stats, analysis and scores directly in the betting environment along with popular online casino games.
Baden Resources is a mineral exploration and acquisition company based in the US and Canada that has been operating since 2020.
