Allegiant Enters into Definitive Agreement FOR the Acquisition of Claims Adjacent to the Eastside Property
ALLEGIANT ENTERS INTO DEFINITIVE AGREEMENT FOR THE ACQUISITION OF
CLAIMS ADJACENT TO THE EASTSIDE PROPERTY
Vancouver, British Columbia / October 28, 2021 - Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-
V) (AUXXF: OTCQX) is pleased to announce that, further to its news release of July 7, 2021, it has entered into a
Lease with Option to Purchase in respect of 84 mineral claims (the “Property”) adjacent to the Company’s Eastside
Property. The agreement with Patrick Hilger and the Patrick R. Hilger Family Trust (collectively, the “Vendor”), who
are arm’s length to the Company, provides the Company with a lease to the Property, subject to making the
following payments:
Payment Due Date Cash Amount Share Amount (payable in Allegiant Shares)
On the Effective Date Nil US$60,000
Third Anniversary of the Effective Date US$10,000 US$30,000
Fourth Anniversary of the Effective Date US$15,000 US$35,000
Fifth Anniversary of the Effective Date US$15,000 US$50,000
Sixth Anniversary and subsequent
anniversaries of the Effective Date
US$25,000 US$50,000
The initial payment will be satisfied through the issuance of 163,733 common shares at a deemed price of $0.46
per share. Subsequent shares issued for lease payments will be valued based on the volume weighted average
price for the 30 trading days prior to the date of issue. The lease has a term of 10 years and may be renewed by
the Company for up to two additional ten year periods. The Company will have the option to purchase the property
at any time for a cash payment of US$750,000. On exercise of the option the Vendor wil l retain a 3% net smelter
royalty on production from the Property and the lease will terminate. The Vendor has the option to reduce the
royalty by 2%, in instalments of 1% each, for payments of US$1,000,000 per instalment. The Company must expend
a minimum of US$350,000 in expenditures on the Property before the fifth anniversary of the Effective Date, unless
the option is exercised or the option agreement is terminated.
The Company also wished to announce that Mr. Norman Pitcher has resigned from the board of directors of the
Company, and the board has accepted his resignation. The Company thanks Mr. Pritcher for his valuable
contributions and wishes him every success in his future endeavors.
ABOUT ALLEGIANT
Allegiant owns 100% of 10 gold projects in the United States, 7 of which are located in the mining -friendly
jurisdiction of Nevada. Four of Allegiant’s projects are farmed -out, providing for cost reductions and cash -flow.
Allegiant’s flagship, district-scale Eastside project hosts a large and expanding gold resource 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.
ON BEHALF OF THE BOARD
Peter Gianulis
CEO
For more information contact:
Investor Relations
(604) 634-0970 or
1-888-818-1364
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Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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the meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of applicable
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Forward-looking statements are statements and information regarding possible events, conditions or results of
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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 the Prospectus and the documents incorporated
by reference therein, available under the Company’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.