SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: January 16, 1998
Allegiant Technologies Inc.
(Exact Name of Registrant as specified in its charter)
Washington 333-07727 98-0138706
(State of Incorporation) (Commission File Number) (IRS Identification No.)
1500-609 Granville Street, Vancouver B.C. V7Y 1G5
(Address of Principal Executive Office Postal Code)
(604) 687-0888
(Registrant's telephone number including area code)
Item 5. Other Events
The press release attached hereto as Exhibit I was made on January 16, 1998 and
is incorporated into this report by way of reference. Additional reference
should be made to the Company's 8K Report dated October, 1997 for further
details.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ALLEGIANT TECHNOLOGIES INC
Date: January 16, 1998 By: /s/ William D. McCartney
----------------------------
William D. McCartney
Director
EXHIBIT I
PRESS RELEASE
Further to the Company's press releases dated September 29 and October 10, 1997
regarding a capital reorganization plan, the Company has amended its plan and
received Vancouver Stock Exchange approval of the following:
1. The Company will issue 14,400,000 shares of common stock (3,600,000
post-consolidated shares at a deemed price of US$0.15 per share), and two
year non-transferable warrants to purchase 283,333 shares of common stock,
on a post share consolidation basis, at US$0.15 per share in the first year
and at US$0.1725 per share in the second year pursuant to the previously
announced shares for debt settlements.
2. The Company will issue 5,600,000 shares of common stock (1,400,000
post-consolidated shares at US$0.15 per share), and two year
non-transferable warrants to purchase 1,400,000 shares of common stock, on
a post share consolidation basis, at US$0.15 per share in the first year
and at US$0.1725 per share in the second year pursuant to the previously
announced private placement.
Upon the issuance of the above shares there will be 27,743,007 shares of common
stock issued and outstanding.
The Company intends to obtain shareholder approval of the previously announced
four for one share consolidation and to cancel 1,350,000 escrowed performance
shares on or before June 30, 1998, after which time there will be 6,598,252
shares of common stock issued and outstanding.
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Bill McCartney, Director
The Vancouver Stock Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this press release.
