Mr. Ben Powell reports

NORTHSTAR GAMING ANNOUNCES CONVERSION OF PREFERRED SHARES, ELIMINATES SHORT-TERM DEBT

Northstar Gaming Holdings Inc. has reached an agreement with the arm's-length holder of its preferred shares 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.

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