Northstar Gaming Announces Subscription Agreement With Playtech

Last week, Ontario-based North Star Gaming Holdings announced that it had entered into a subscription agreement with Playtech plc dated September 21, 2023. 카지노사이트 The latter, a leading brand of gambling technology and a supplier of software and services to the company, will now purchase the operator’s securities at an average purchase price of C$10 million.

Northstar owns and operates NorthStar Betts, an Ontario casino and sportsbook gambling platform, which provides a unique experience for local betting companies. In addition to the best iCasino titles, we provide real-time news, statistics, analyses and scores in a betting environment. It also offers managed services on the Wallinac Avenaki Council’s gaming website, spreads.ca .

Under the agreement, a total of 28,571,428 shares will be issued at a price of C$0.175 per unit comprising one share of the Ontario Company, plus an additional half warrant to acquire exerciseable common stock at C$0.36 per full warrant and exerciseable common stock at C$0.40 per full warrant.

Northstar will reportedly use the proceeds from the offering to expand to the rest of the region and to general working capital initiatives after the acquisition of SlapShot, and the proposed financing must be completed by the end of October 2023, as well as regulatory approval from the TSX Venture Exchange.

In addition, Ontario Company’s senior executives and directors will subscribe for up to C$714,286 with gross proceeds up to C$125,000, convertible bonds up to C$125,000, and the Company may also issue C$250,000 additional C$0.175 with the offering.

Finally, the offering and the management subscription are related party transactions, such as terms defined in MI 61-101, respectively. Both are exempt from the evaluation requirements of MI 61-101 under section 5.5(b) of MI 61-101, and management subscriptions are exempt from the minority shareholder approval requirements of MI 61-101 under section 5.7(b) of MI 61-101.

A few weeks ago, Northstar Gaming reported financial figures for the second quarter of 2023 and the six months ending June 30, 2023. In the second quarter, GameLeaders announced bets of C$116.01 million, up 15% from C$139.5 million in the first quarter of 2023. The handle turned to total gaming revenue of C$5.5 million, a solid 26% improvement over the previous quarter.

Meanwhile, gaming revenue hit C$4.6 million. In addition, the company’s report highlighted its second-quarter 2023 operating margin of C$1.9 million, or 40% of gaming revenue. This represents a 61% increase over the first quarter of 2023, when gross margins reached 32% of gaming revenue.

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