Allegiant Appoints Gordon Bogden as Chairman of the Board

Rhea-AI Summary

Allegiant Gold Ltd. has appointed Gordon Bogden as the new Chairman of the Board, effective immediately. Bogden, a seasoned professional in mining investment banking, has guided over $20 billion in M&A transactions. His leadership is expected to bolster Allegiant’s transition from a project generator to a developer, particularly for the Eastside project, which has shown promising initial metallurgical results. The Board also approved the issuance of 1.1 million RSUs and 1.8 million stock options to directors and consultants.

Positive

• Gordon Bogden's extensive experience in investment banking and mining enhances leadership.
• Transition to project development, particularly with Eastside, indicates potential growth.

Negative

• Concerns about continuity and leadership experience following management change.

RENO, Nev., Nov. 10, 2021 (GLOBE NEWSWIRE) -- Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX) today announced that Gordon Bogden will assume the role of Chairman of the Board of Allegiant effective immediately.

Mr. Bogden is a Senior Advisor and member of the Advisory Board of Origin Merchant Partners and the Founder and Chairman of Black Loon Group, a private mining investment and financial advisory company. He began his professional career as an engineer and geophysicist moving on to CIBC World Markets as a mining investment banker, then to N.M. Rothschild Canada, Newcrest Capital Inc., and National Bank Financial, advising on over $20 billion of M&A and capital markets transactions. Gordon retired from investment banking in 2012 after the acquisition of Gryphon Partners, where he was a Co-Founder and Managing Partner, by Standard Chartered Bank. Gordon is a former director of several public mining companies including Royal Gold, Inc., IAMGOLD Corporation, International Royalty Corporation (acquired by Royal Gold, Inc.), Volta Resources Inc. (acquired by B2Gold Corp.), Orvana Minerals Corp., Canplats Resources Corp. (acquired by Goldcorp Inc. He is the past Chairman of the Board of the Canada Mining Innovation Council (“CMIC”) and a member of the Advisory Board of Sapling Financial Consultants. In 2013, he was awarded the Queen Elizabeth II Diamond Jubilee Medal for his work with Right To Play where he continues as a member of the Canadian Advisory Board. Mr. Bogden holds a B.Sc. in Applied Science (Geology) from Queen's University, is a Professional Engineer (Ontario), and earned his professional certification as a Corporate Director (ICD.D) from the Institute of Corporate Directors.

Peter Gianulis, CEO of Allegiant Gold, commented: “Over the past year, I have had the pleasure of working closely with Gord on numerous projects at Allegiant Gold. He is the consummate professional who will serve Allegiant very well as our Chairman as we transition from a project generator to a project developer with Eastside as our flagship project.”

The Board also approved the granting of 1.1 million restricted stock units (“RSUs”) and 1.8 million stock options to directors, officers and consultants. The options are exercisable at $0.35 for a period of 5 years and will vest in four equal parts over 18 months. The RSUs will vest annually over 36 months.

ABOUT ALLEGIANT

Allegiant owns 100% of 10 highly-prospective 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
ir@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. Allegiant Gold Ltd.’s (“Allegiant”) exploration plans for its gold exploration properties, the drill program at Allegiant’s Eastside project, the preparation and publication of an updated resource estimate in respect of the Original Zone at the Eastside project, Allegiant’s future exploration and development plans, 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. 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. 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.

FAQ

What leadership changes were announced by Allegiant Gold on November 10, 2021?

Gordon Bogden was appointed as the new Chairman of the Board of Allegiant Gold.

What is the significance of the Eastside project for Allegiant Gold?

The Eastside project is Allegiant's flagship, showing a large and expanding gold resource, which is critical as the company transitions to a project developer.

What are the stock options and restricted stock units approved by Allegiant Gold?

Allegiant Gold approved 1.1 million restricted stock units and 1.8 million stock options, exercisable at $0.35 for 5 years.

How does Gordon Bogden's background benefit Allegiant Gold?

Gordon Bogden's experience includes advising on over $20 billion in M&A transactions, which can enhance strategic direction and investor confidence.