RE:Trading Vancouver, British Columbia / July 7, 2020 - Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX) announces that, further to its news releases of May 26, 2020 and June 12, 2020, it has closed the final tranche of its non-brokered private placement (the “Private Placement”) issuing an additional 6,842,000 units (the “Units”) at CAD$0.25 per Unit for gross proceeds of CAD$1,710,500. The Company issued a total of 12,006,992 Units in both tranches of the Private Placement raising total gross proceeds of CAD$3,001,748.
Each Unit consists of one common share (the “Shares”) and one-half of one non-transferable common share purchase warrant (the “Warrants”) with each whole Warrant entitling the holder to purchase one Share of the Company at a price of CAD$0.40 per Share for a period of 18 months from the date of closing of the Private Placement, provided that in the event that the closing price of the Company’s Shares on the TSX Venture Exchange (the “Exchange”) (or such other exchange on which the Company’s Shares may become traded) is CAD$0.60 or greater per Share during any ten (10) consecutive trading day period at any time subsequent to four months and one day after the closing date, the Warrants will expire at 4:00 p.m. (Vancouver time) on the 30th day after the date on which the Company provides notice of such accelerated expiry to the holders of the Warrants.