NorthStar Gaming has completed the reverse takeover of Baden Resources and will now list its common shares on the TSX Venture Exchange.
The shares will list next week under the ticker symbol $BET.
The Venture Exchange offshoot of the Toronto Stock Exchange is focused on early-stage companies looking for access to growth capital.
“The public listing of NorthStar represents a significant milestone and we’re pleased to now provide consumers with the opportunity to become shareholders,” said NorthStar CEO and founding partner Michael Moskowitz.
“As an organisation, 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,” he added.
NorthStar CEO Michael Moskowitz: “The public listing of NorthStar represents a significant milestone and we’re pleased to now provide consumers with the opportunity to become shareholders.”
The reverse takeover transaction, which saw the company’s shares de-listed from the Canadian Stock Exchange, was completed following a February investment of C$12.25m from Playtech.
London-listed supplier Playtech now owns 24,500,000 common shares in the operator, representing a shareholding of around 15.7%. It can increase its shareholding to 31.3% if it chooses to exercise two separate warrants before 3 March 2028.
Canadian news and media giant Torstar will be the operator’s biggest shareholder initially with a 25.7% stake.
Isle of Man-based private investment group Tevir Capital owns a further 23% through its various entities.
What is NorthStar?
NorthStar owns and operates NorthStar Bets, a made-in-Ontario casino and sportsbook gaming brand that has pledged to provide players with a “uniquely local” user experience.
The brand is aiming to leverage its partnerships and agreements with leading Canadian media companies to carve out market share in Ontario.
It launched a marketing campaign for NorthStar Bets in May 2022, one month after Ontario’s regulated online gambling market went live.
The sportsbook, which is powered by Kambi with additional data from Genius Sports, was available to download for consumers in the province from August 2022.
In the latest quarterly figures (Q3 fiscal year 2022-23) published by iGaming Ontario, the province reported handle of C$11.5bn and revenue of C$457m.
NorthStar was one of 36 operators included in the reporting period, providing one of 68 licensed online gambling websites.