Toronto, Ontario--(Newsfile Corp. - May 31, 2023) - NorthStar Gaming Holdings Inc. (TSXV: BET) (the "Company" or "NorthStar") announces it has reached an agreement with the arm's length holder of its preferred shares (the "Holder") to convert all of the Holder's preferred shares into common shares of NorthStar.
Pursuant to the agreement, NorthStar has issued 2,127,273 common shares at $0.55 per share in consideration for the cancellation of 11,700 preferred shares held by the Holder, with a notional value of C$1,170,000. The common shares will be legended and restricted from trading until October 1, 2023. The Holder has agreed that 25% will be released on October 1, 2023 and the balance will be released in equal tranches on October 31, 2023, November 30, 2023 and December 31, 2023.
The conversion of the Holder's preferred shares has bolstered NorthStar's balance sheet, removing all short-term debt in respect of preferred shares and freeing up capital for player acquisition and business development.
For more information on NorthStar Gaming and its current partners, please visit www.northstargaming.ca.
About NorthStar
NorthStar proudly owns and operates NorthStar Bets, a made-in-Ontario casino and sportsbook gaming platform that provides players with a uniquely local, premier user experience. The NorthStar Bets sportsbook provides real-time news, stats, analysis and scores directly in the betting environment along with the most popular online casino games. NorthStar also provides managed services to Spreads.ca, an iGaming site owned and operated by the Abenaki Council of Wolinak.
A Canadian company, NorthStar is uniquely positioned to become a convergence leader in the intersection of sports media and sports wagering thanks to its partnerships and agreements with leading media companies. NorthStar is committed to operating at the highest level of responsible gaming standards.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Note Regarding Forward-Looking Information and Statements
This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: financial guidance for 2023, expected performance of the Company's business, expansion into new markets and future growth opportunities and expected benefits of transactions. Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing readers to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; and the ability of the Company to implement its business strategies. NorthStar believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Information contained in forward-looking statements in this communication are provided as of the date hereof and NorthStar disclaims any obligation to update any forward-looking statements, whether as a result of new information or future events or results, except to the extent required by applicable securities laws.
For further information:
NorthStar Gaming
Ben Powell
VP Corporate Development
Ben.powell@northstargaming.ca
1 (647) 532 3948
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/168139
