The C$20.3 million-market-cap junior priced the shares at 35c - about the level they've mainly traded at since May this year. The shares closed Monday at 44c.

Allegiant has an inferred resource of 35.78 million tonnes grading 0.63g/t gold-equivalent for 721,000oz at its Eastside project in Nevada, where it has been drilling to extend and upgrade the resource, and advancing plans to establish a heap leach operation. The company's CEO Andy Wallace is credited with finding several multi-million-ounce gold deposits in Nevada.

Allegiant owns 100% of 14 "drill-ready" gold projects in the United States, including 11 in Nevada.

Funds raised this month will be used to undertake "high-impact discovery exploration drill programs on six of Allegiant's high-priority exploration projects".