VANCOUVER, Dec. 15, 2017 /CNW/ - Quartz Mountain Resources
Ltd. ("Quartz Mountain" or the "Company") (TSX-V: QZM; OTCBB:
QZMRF) announces that Robert
Dickinson has been appointed Quartz Mountain's Executive
Chairman and CEO. Rene Carrier
and Leonie Tomlinson ICD.D, have been appointed Directors of the
Company. Scott Cousens has resigned
as Chairman and Director, Ronald
Thiessen has resigned as President, CEO and Director and
David Mordant has resigned as Director of the Company. Over the
months ahead Quartz Mountain plans to assess mineral exploration
projects for potential acquisition.
Robert Dickinson is an economic
geologist and business executive with more than 40 years of mineral
exploration and project development experience. Mr. Dickinson has
been a member of the Company's Board of Directors since 2011.
Rene Carrier is a past
Vice-President of Pacific International Securities Inc., where he
worked for ten years, until 1991. Since 1991, he has been
President of Euro-American Capital Corporation, a private company
that specializes in restructuring, administration, and raising
venture capital funds for junior companies.
Leonie Tomlinson is a
professional director and experienced business executive who over
the course of her career has advised numerous private and public
companies on investment structuring, corporate governance,
financial reporting, HR matters and exit strategy.
Robert Dickinson said, "On behalf
of the Board of Directors, I would like to thank Ron Thiessen, Scott
Cousens and David Mordant for their contributions to Quartz
Mountain. I am also pleased to welcome Rene
Carrier and Leonie Tomlinson
as Directors. Their experience will be integral to the
Company as it assesses new exploration project opportunities for
potential acquisition."
Quartz Mountain also reports that directors of the Company and
other parties have agreed to invest up to $460,000 into Quartz Mountain to provide the
Company with working capital to pursue its business plan. The
Company will sell by private placement up to 4,200,000 common
shares in the capital of the Company at a price of $0.11 per share for gross proceeds of up to
$460,000.
Quartz Mountain also reports that, after the financing, it will
complete a 10:1 consolidation of its common shares as originally
announced in its January 20, 2016
news release.
The private placement and the share consolidation are subject to
TSX Venture Exchange approval.
On behalf of the Board of Directors
Robert Dickinson
Executive Chairman
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This release includes certain statements that may be deemed
"forward-looking-statements". All statements in this release, other
than statements of historical facts are
forward-looking-statements. These statements include
expectations about the likelihood of completing the private
placement and share consolidation and the ability of the Company to
secure regulatory acceptance for the private placement and share
consolidation. Though the Company believes the expectations
expressed in its forward-looking-statements are based on reasonable
assumptions, such statements are subject to future events and third
party discretion such as regulatory personnel. For more
information on the Company, and the risks and uncertainties
connected with its business, investors should review the Company's
home jurisdiction filings as www.sedar.com and its filings with the
United States Securities and Exchange Commission.
SOURCE Quartz Mountain Resources Ltd.
