Baden Resources and NorthStar Gaming are continuing to work on regulatory approvals as the pair disclose amended terms of the proposed reverse-takeover transaction.
This has seen the pair announce that they have extended the outside date of completion for the proposed business combination to January 30, 2023, following a shareholder meeting being held by Baden.
In November 23, 2022, Baden, a mineral exploration company focused on the acquisition, exploration and development of such properties in Canada and the USA, held an annual and special shareholders’ meeting at which all resolutions, including those necessary to complete the proposed transaction, were approved.
Since the initial announcement of the transaction, NorthStar, which owns and operates the NorthStar Bets online casino and sportsbook gaming platform, has raised an aggregate of $10.07m in anticipation of completion. The group has also vowed to continue in its efforts to raise additional funds.
The two parties continue to work towards satisfying all conditions of closing of the combination, including obtaining all stock exchange and regulatory approvals, and anticipate closing in January 2023.
Baden and NorthStar initially detailed the reverse-takeover in June 2022, which would see the former acquire, pursuant to a three-cornered amalgamation or other structure mutually agreed, all of the outstanding shares of NorthStar in exchange for shares of Baden.
Last month, NorthStar become designated as an authorised sports betting operator of the National Basketball Association in a bid to provide bettors with “an immersive gaming experience” that features real-time data.