|December 28, 2012|
Quartz Mountain Arranges $641,000 Non-Brokered Financing
|December 28, 2012, Vancouver, BC -- Quartz Mountain Resources Ltd. ("Quartz Mountain" or the "Company") (TSX-V: QZM; OTC: QZMRF) announces that it has arranged a non-brokered private placement (the "Offering"), comprised of 1,752,409 flow-through common shares at a price of $0.30 per share, and 461,914 non flow-through common shares at a price of $0.25 per share, for gross proceeds of $641,201. A finder's fee is payable on a portion of the Offering.|
The shares issued pursuant to the Offering are subject to a hold period expiring four months and a day after closing of the Offering. The proceeds raised from the Offering are to be used to fund exploration work on Quartz Mountain's properties in British Columbia, and for general corporate and working capital purposes.
No material change report was filed more than 21 days before the expected closing of the Offering as details of the Offering were not settled until shortly before the closing of the Offering.
The closing of the Offering has been approved by the TSX Venture Exchange and it is expected to take place today.
About Quartz Mountain Resources Ltd.
Quartz Mountain Resources Ltd. is a Vancouver-based exploration company focused on making a major new deposit discovery in British Columbia. 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, please visit Quartz Mountain's website at 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
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