This week, NorthStar Gaming announced that it has finalized its recently reported privately placed financing worth close to CA$10.3 million. The financing includes common shares, warrants and convertible debentures acquired by Playtech. The latter is a global brand in gambling technology providing software and services to the industry and which is already an investor in NorthStar.
NorthStar offers online casino and sports betting services via its NorthStarbet.ca platform which provides a uniquely local, premier user experience. It also features real-time news, stats, analysis and scores directly in the betting environment along with the most popular online casino games. The company also delivers managed services to Northstarbets.com
Financing Offering Completed
As per the agreement, the Canadian firm issued 29,528,458 units at a price of CA$0.175 per unit. Each unit comprised one common share of the firm, one-half warrant to acquire common shares exercisable at CA$0.36 per full warrant, and a further half warrant to acquire common shares exercisable at CA$0.40 per full warrant in each case for a period of five years.
Also, the firm issued three-year, 8% unsecured convertible debentures in the aggregate principal amount of approximately CA$5.2 million, converting into common shares at CA$0.20 per share with interest payable-in-kind. Proceeds from the recently finalized financing will be used by the gambling operator to fund its expansion across Canada and for general working capital purposes.
Michael Moskowitz, Chair and CEO of the Canadian gaming company noted that the injection of capital will bolster its balance sheet and fund its continued growth. He added that it will help the Canada-wide re-branding of the operator’s Spread.ca into NorthStarBets.com which will also supplement the strong organic growth it continues to deliver in its initial market.
As per the deal, Playtech now has the right to nominate up to four individuals to the company’s Board of Directors. Prior to the completion, the provider nominated one individual to the board, and it was Chris McGinnis, its Chief Financial Officers. Now, after the completion, it has also nominated Alex Latner, General Counsel of Playtech, to the operator’s board.
Bolstering iGaming Services
Last month, the company announced that it would be expanding its digital sports betting and gambling platform across Canada. Soon its iGaming platform will be available to Canadians via NorthStarBets.com, which will go online in the coming weeks. Prior to this launch, the company was only available to bettors in Ontario and its regulated online casino sector.
But that is not all recent news from the operator, as also in October, it became the first company to incorporate an Artificial Intelligence tool on its online gambling portal. The AI tool will now study customer betting patterns and create increasingly individualized “best fit” wagering options. It is currently available for single bets parlays, and same-game parlays.
资料来源“NorthStar Completes $10.3 Million Financing” NorthStar Gaming, October 31, 2023
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