Updated June 30

NorthStar Gaming has confirmed that it has entered into an agreement with Canadian Stock Exchange-listed company Baden Resources to complete a reverse takeover transaction that would see NorthStar become a Technology Issuer on the exchange, subject to regulatory approval.

Following completion of the proposed transaction, the resulting company will be publicly traded and will operate the business of NorthStar.

Baden, which owns Canadian property business Midway, will acquire all the outstanding shares of NorthStar in exchange for shares of Baden. Shareholders will be given the option to convert their NorthStar shares into Baden shares.

The reverse takeover remains subject to a number of conditions, including the negotiation of definitive documentation and the receipt of required regulatory approvals. Baden would also be required to delist from the Canadian Securities Exchange and join the Toronto Stock Exchange Venture Exchange in order to proceed with the proposed deal.

NorthStar Gaming is the owner and operator of NorthStar Bets, an online casino and sportsbook gaming platform that went live in the province of Ontario in May with support from Playtech and Kambi.