NorthStar Gaming Completes Reverse Takeover of Baden Resources
Posted on March 9, 2023 | 6:39 am
NorthStar Gaming, the Canadian online casino and sportsbook operator based in Toronto, has announced that it completed the reverse takeover of Baden Resources, a mineral exploration company focused on the acquisition, exploration and development of mineral properties in Canada and the United States of America.
The arrangement was first made public in June 2022 and it stipulated that Baden Resources, which owns Midway Property, a Canadian property business, combined with NorthStar gaming Incorporated and a wholly owned subsidiary of Baden.
The agreement led to the reverse takeover by former shareholders of NorthStar, with Baden Resources changing its name to NorthStar Gaming Holdings Inc. Common shares of Baden Resources were delisted from the Canadian Stock Exchange, while the newly combined business has its shares listed on the TSX Venture Exchange, trading under the symbol ‘BET’.
Speaking about the listing of the combined entity’s shares, Michael Moskowitz, Founding Partner and Chief Executive officer of NorthStar Gaming, said that it “represents a significant milestone” as it offers the company’s customers the chance to become shareholders.
“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,” Michael Moskowitz added.
Along with the listing, NorthStar Gaming also announced the appointment of eight new directors to its company board. Vic Bertrand, Brian Cooper, Chris Hodgson, Dean MacDonald, Chris McGinnis, Michael Moskowitz, Sylvia Prentice and Barry Shafran joined the company’s board, with years of experience in various industries such as gaming operations, broadcast programming and communications.
The completion of the reverse takeover comes after last month NorthStar Gaming announced that it had agreed with Playtech, the global gaming giant, a strategic investment of 12.25 million Canadian dollars.
This means that Playtech now owns an estimated 16 percent of the issued and outstanding common shares belonging to NorthStar Gaming, along with warrants that would give it the right to boost its stake to over 20 percent.
NorthStar Gaming launched in March 2021 as a made-in-Ontario online betting brand, based in Toronto. Then the operator decided to team up with local media giant TorStar Corporation to create a more powerful company. At the end of April 2022, NorthStar Gaming announced that it had received a license to operate in Ontario as the market in Canada’s most populous province became open to private casino and sports betting operators.