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Allegiant Completes Sale of Mogollon Property to Summa Silver
(TheNewswire) Receives Additional U S $3 Million Payment Tonopah, Nevada &#...
About this update from A2 Gold Corp.
[{"type":"text","content":"Allegiant Completes Sale of Mogollon Property to Summa Silver\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Receives Additional U\n \n \n S\n \n \n $3\nMillion Payment\n \n \n \n \n Tonopah, Nevada –\n \n \n TheNewswire -\n \n \n October 25, 2023 - Allegiant Gold Ltd.\n(“Allegiant” or the “Company”) (TSXV:AUAU) (OTC:AUXXF)\n \n \n is pleased to announce the completion of phase\ntwo of the o\n \n \n ption and joint venture agreement\n \n \n (the Option Agreement”) with Summa Silver\nCorp. (“Summa”) for the Mogollon Property (“Mogollon”) in New\nMexico, USA.\n \n \n \n \n In connection with the Option Agreement dated August\n21, 2020, Summa has issued 8,912,884 common shares at a deemed price\nof $0.4579 per common share in order to satisfy the US$3,000,000 phase\ntwo option payment and, thereby have completed the acquisition of 100%\nownership of Mogollon.  The shares issued to Allegiant will have a\nstatutory hold period of four months and one day from the date of\nissuance.\n \n \n \n \n As a result of this payment, Allegiant now holds over\n13.6M shares of Summa. Including all previous payments from Summa,\nAllegiant has received approximately US$6.2 million in cash proceeds\nand shares of Summa for the acquisition of Mogollon under the Option\nAgreement.\n \n \n \n \n Peter Gianulis, CEO of Allegiant\nGold\n \n \n , commented:\n \n \n “We are\npleased to have owned Mogollon for close to 15 years and now turn it\nover to a great management and technical team in Summa Silver.  It\ntruly has been a joy working with them the past four years.  I am\nconfident that they will be able to maximize the value in the property\nand, as a large shareholder in Summa, we look forward to the\nadvancement and development of Mogollon.  Over four years ago, we\nembarked on our current strategy of focusing on our Flagship Project,\nEastside, with over 1.4 million ounces of gold and close to 9 million\nounces of silver in the inferred category.* We have been able to\ndouble the inferred resource over this period of time while keeping\ndilution to one of the lowest in our peer group over that period of\ntime. We continue to advance Eastside and strongly believe that we...