An injury time goal from super sub John Dempster ensured that both sides will go into the 2nd leg knowing that the winner on the day will progress into the 1st Division Play-Off Final.
Dempster had been on the field for less than 20 seconds when he connected with a long-throw from Scott Linton to score from close range with his only touch of the ball.
In a scrappy first half Alloa took the lead through David Gormley after 16 minutes but Cowden pressed after the interval and fully deserved the late equaliser.
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