NorthStar Gaming Announces Equity Incentive Awards
NorthStar Gaming Holdings announced equity incentive awards on May 31, 2024. The company's Board approved the grant of stock options and deferred share units (DSUs) under their Equity Incentive Plan. Up to 5,960,000 stock options were granted to employees, consultants, officers, and directors, with an exercise price of $0.06 per share, expiring in five years. One-third of the options vest after one year, and the rest vest quarterly over two years. Additionally, 3,521,083 DSUs were granted to non-executive directors instead of cash compensation for 2023, vesting immediately and redeemable when they cease to be directors. These grants are subject to TSX Venture Exchange approval.
- Grant of 5,960,000 stock options at $0.06 per share, potentially attracting and retaining talent.
- Options expire in five years, aligning long-term interests of employees and the company.
- Vesting schedule encourages employee retention over three years.
- 3,521,083 DSUs granted to non-executive directors, potentially reducing the company's cash expenditure.
- Immediate vesting of DSUs may motivate directors.
- Equity awards could align management's interests with shareholders.
- Grants are subject to TSX Venture Exchange approval, adding uncertainty.
- Potential shareholder dilution due to issuance of 5,960,000 new shares.
- Market reaction to dilutive effects may negatively impact stock price.
- No immediate financial benefit from DSUs, as they replace cash compensation.
Toronto, Ontario--(Newsfile Corp. - May 31, 2024) - NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announced that the Company's Board of Directors has approved the grant of equity incentive awards in the form of stock options and deferred share units ("DSUs") pursuant to the Company's Equity Incentive Plan (the "Plan").
Stock Options
The Company has granted options to acquire up to 5,960,000 common shares of the Company to certain of its employees, consultants, officers and directors. The options have an exercise price of
DSUs
The Company has granted an aggregate of 3,521,083 DSUs pursuant to the Plan to non-executive directors of the Company in lieu of cash compensation for their services in 2023. The DSUs vest immediately and may only be redeemed upon a holder ceasing to be a director of the Company.
The grant of stock options and DSUs remains subject to the approval of the TSX Venture Exchange.
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's subsidiary, Slapshot Media Inc., provides managed services to Northstarbets.com, 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: expected performance of the Company's business, expansion into new markets and future growth opportunities and expected benefits of transactions. The foregoing are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others 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. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. 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; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.com. Many of these risks are beyond the Company's control.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
For further information:
Company Contact:
Corey Goodman
Chief Development Officer 647-530-2387
investorrelations@northstargaming.ca
Investor Relations:
RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211212
FAQ
What equity incentive awards did NorthStar Gaming announce on May 31, 2024?
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Are the equity incentive awards by NorthStar Gaming subject to any approvals?
