Allegiant Gold Ltd announce the completion of the Phase I Option of the Option Agreement with Summa Silver for the Mogollon Project in New Mexico, USA.
In connection with Summa’s option and joint venture agreement dated August 21, 2020, Summa intends to pay US$100,000 in cash and issue, subject to approval from the TSX Venture Exchange, 4,398,831 common shares at a deemed price of $0.5047 per common share in order to satisfy the US$1,750,000 third anniversary payment.
The common shares issued will have a statutory hold period of four months and one day from the date of issuance. Upon completion of the share issuance, Summa will have satisfied phase one of the option and joint venture agreement and have earned a 75% interest in the Mogollon project.
Peter Gianulis, CEO of Allegiant Gold, commented: “It has been a pleasure to have worked with Summa Silver the past three years. They have proven to be an excellent partner in helping develop a high-quality asset such as our Mogollon Project. We believe that Mogollon has the potential to be one of the premier underground gold/silver projects in the United States.
Over the past four years, Allegiant has received approximately $7 million in cash and share payments from our farm-out partners, which has led to our ability to finance our company and projects with minimal dilution. We look forward to continue advancing our Eastside District project and working closely with our farm-out partners.”
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