ALLEGIANT Closes $4.95 Million Private Placement; Goldcorp Acquires 9.74% of ALLEGIANT
15 Agosto 2018 - 7:00AM
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES OR FORDISSEMINATION IN THE UNITED STATES
Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU: TSX-V) (AUXXF:
OTCQX) is pleased to announce that it has
closed the second and final tranche of the non-brokered private
placement first announced on July 5th, 2018 (also see news releases
of July 10th and July 16th). The tranche consisted of gross
proceeds of CAD$2,178,336.65 through the issuance of 6,223,819
common shares at CAD$0.35 per share. The principal investor
in the tranche was Goldcorp Inc. (G: TSX) whom acquired 5,923,819
common shares ($2,073,336.65), resulting in an ownership interest
of
9.74% in ALLEGIANT.
“Goldcorp’s investment is an endorsement of our
team, our projects, and of our objective of making a significant
new gold discovery,” said Robert Giustra, Chairman &
CEO of ALLEGIANT. “With funding in place, we’re
about to kick-off an aggressive exploration program that will see
six gold projects drilled over the next 10-12 months.”
The non-brokered private placement consisted of
14,130,001 common shares of ALLEGIANT at a price of CAD$0.35 per
common share for gross proceeds of CAD$4,945,500.35 (the
“Offering”). All shares issued in connection with the
Offering will be subject to a four month hold period. Fort
Capital Partners acted as financial advisor with respect to the
strategic investment by Goldcorp and as a capital markets
advisor. ALLEGIANT will pay fees, finders' fees and other
fees, totaling CAD$270,675 in connection with the Offering.
The proceeds will be used to carry-out
high-impact “discovery” exploration drill programs on six of
ALLEGIANT’S high-priority exploration projects, located principally
in the mining-friendly jurisdiction of Nevada.
All of the drill targets have been identified
and delineated by Andy Wallace, who is credited with multiple gold
mine discoveries in Nevada. A drill rig is scheduled to
arrive at ALLEGIANT’s Red Hills gold project in Nevada on August
20th for an eight-hole RC (reverse circulation) drill program,
totaling up to 2,200 metres. After Red Hills and over the
next 10 to 12 months, ALLEGIANT plans to also drill the following
five projects: Hughes Canyon, Monitor Hills, North Brown,
Silverdome and Adularia Hill (a new target located approximately
12.5 kilometres south of the Original Zone gold deposit at the
Eastside gold project).
ABOUT ALLEGIANTALLEGIANT owns
100% of 14 highly-prospective drill-ready gold projects in the
United States, 11 of which are located in the mining-friendly
jurisdiction of Nevada. Six of the projects will be drilled
over the next 10 to 12 months and all offer excellent discovery
opportunity. ALLEGIANT’s flagship Eastside project hosts a
large and expanding gold resource, is district scale, and is
located in an area of excellent infrastructure. Preliminary
metallurgical testing indicates that both oxide and sulphide gold
mineralization at Eastside is amenable to heap leaching.
QUALIFIED PERSONAndy Wallace VP
and Director of Allegiant Gold (U.S.) Ltd., is a Certified
Professional Geologist (CPG) with the American Institute of
Professional Geologists and is a Qualified Person as defined under
National Instrument 43-101 - Standards of Disclosure for
Mineral Projects. Mr. Wallace has reviewed and approved the
technical content of this press release.
ON BEHALF OF THE BOARD,
Robert F. Giustra Chairman & CEO
For more information contact:
Investor Relations(604) 634-0970
or1-888-818-1364ir@allegiantgold.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Certain statements and information contained in
this press release constitute "forward-looking statements" within
the meaning of applicable U.S. securities laws and “forward-looking
information” within the meaning of applicable Canadian securities
laws, which are referred to collectively as "forward-looking
statements". The United States Private Securities Litigation Reform
Act of 1995 provides a “safe harbor” for certain forward-looking
statements. Forward-looking statements are statements and
information regarding possible events, conditions or results of
operations that are based upon assumptions about future economic
conditions and courses of action. All statements and information
other than statements of historical fact may be forward-looking
statements. In some cases, forward-looking statements can be
identified by the use of words such as “seek”, “expect”,
“anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”,
“intend”, “believe”, “predict”, “potential”, “target”, “may”,
“could”, “would”, “might”, “will” and similar words or phrases
(including negative variations) suggesting future outcomes or
statements regarding an outlook. Forward-looking statements in this
and other press releases include but are not limited to statements
and information regarding: Allegiant Gold Ltd.’s (“Allegiant”)
objective of making a significant new gold discovery; Allegiant’s
drilling and exploration plans for its properties, including
anticipated costs and timing thereof; Allegiant’s plans for growth
through exploration activities, acquisitions or otherwise; and
expectations regarding future maintenance and capital expenditures,
and working capital requirements. Such forward-looking
statements are based on a number of material factors and
assumptions and involve known and unknown risks, uncertainties and
other factors which may cause actual results, performance or
achievements, or industry results, to differ materially from those
anticipated in such forward-looking information. You are cautioned
not to place undue reliance on forward-looking statements contained
in this press release. Some of the known risks and other factors
which could cause actual results to differ materially from those
expressed in the forward-looking statements are described in the
sections entitled “Risk Factors” in Allegiant’s Listing
Application, dated January 24, 2018, as filed with the TSX Venture
Exchange and available on SEDAR under Allegiant’s profile at
www.sedar.com. Actual results and future events could differ
materially from those anticipated in such statements. Allegiant
undertakes no obligation to update or revise any forward-looking
statements included in this press release if these beliefs,
estimates and opinions or other circumstances should change, except
as otherwise required by applicable law.
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