Baden enters into letter of intent for NorthStar reverse takeover
Baden Resources has entered into a non-binding letter of intent with NorthStar Gaming, regarding Baden being the subject of a potential reverse takeover by NorthStar.
The potential deal stipulates that Baden would acquire all outstanding NorthStar shares in exchange for Baden shares, through a three-cornered amalgamation or other mutually agreed structure.
Before such a deal could be completed, Baden would have to complete a share consolidation, the ratio of which is yet undetermined, and NorthStar would be expected to complete an offering of subscription receipts.
Definitive documentation must be negotiated by 27 June 2022 and any necessary regulatory approvals must be obtained before a deal can be completed.
Additionally, Baden would be expected to delist from the CSE in advance of any transaction and would need to “obtain conditional approval to list on the TSX Venture Exchange” to meet the final conditions of a potential takeover.
However, as the letter of intent is unbinding, there is the usual assurance that no takeover deal is guaranteed to be completed on these described terms, or at all.
NorthStar owns and operates NorthStar bets, an Ontario-based casino and sportsbook platform that provides a tailored experience for Canadian players.
In an effort to stake its claim in the rapidly growing Ontario gambling market, NorthStar has worked to obtain a range of new partnerships and agreements.
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