|December 09, 2011|
Quartz Announces $5 Million Flow-Through And Non-Flow Through Financing
|December 9, 2011, Vancouver, BC - Quartz Mountain Resources Ltd. ("Quartz" or the "Corporation") (NEX: QZM.H; OTCBB: QZMRF) announces that it is in the process of arranging a private placement financing of at least $5 million, of which approximately $4 million will be flow-through shares at a price of $0.60 per share and the remainder will be non-flow through shares at a price of $0.50 per share. Insiders of the Company will participate in the financing. The shares issued will be subject to a four month hold period. Finder's fees may be payable on a portion of the financing. The financing is subject to regulatory approval.|
Proceeds from the financing will be used to acquire the Buck gold-silver property located in central British Columbia (the "Buck Property") as described in the Company's news release dated November 23, 2011, to advance exploration of the Buck Property, to graduate the Company from the NEX Exchange to Tier 2 of the TSX Venture Exchange and for general corporate and working capital purposes.
The Company is also pleased to announce the appointment of Simon Beller to the role of Chief Financial Officer and Xenia Kritsos to the role of Corporate Secretary. Mr. Beller is a Chartered Accountant and Chartered Business Valuator with over 10 years of experience in mergers, acquisitions, valuations, divestitures and financings. Mr. Beller is also Vice President, Corporate Finance at Hunter Dickinson Services Inc. Ms. Kritsos is an internationally qualified business lawyer with over 10 years of experience in providing advice in the mining infrastructure, technology and other sectors. Ms. Kritsos is also Legal Counsel for Hunter Dickinson Services Inc.
Quartz is a mineral exploration and development company based in Vancouver, Canada, which is currently listed on the NEX Exchange. Quartz Mountain is associated with Hunter Dickinson Inc. (HDI), a diversified, global mining group with more than 25 years of mineral development success.
For further details on Quartz Mountain Resources Ltd., please visit www.quartzmountainresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.
On behalf of the Board of Directors
Rene G. Carrier
President and Chief Executive Officer
You can view the Next News Releases item: Fri Dec 30, 2011, Quartz Completes Buck Property Acquisition As Well As Private Placement And Graduates To TSX Venture Exchange
You can view the Previous News Releases item: Wed Nov 23, 2011, Quartz Announces Acquisition of Buck Property & Graduation to TSX Venture Exchange
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