VANCOUVER, Dec. 30, 2019 /CNW/ - Quartz Mountain Resources
Ltd. ("Quartz Mountain" or the "Company") (TSX-V: QZM; OTCBB:
QZMRF) announces that it has arranged a private placement of
4,545,455 units ('Units") at a price of $0.11 per Unit with insiders of the Company for
proceeds of approximately $500,000. Each Unit consists of one common
share and one warrant ("Warrant") of the Company. Each
Warrant allows the holder to purchase one flow-through common share
at a price of $0.15 for a period five
(5) years.
Completion of the financing is subject to TSX Venture Exchange
approval. The private placement will result in Robert Dickinson holding a control position of
approximately 43% (60%, if warrants exercised) of the Company.
On behalf of the Board of Directors
Leonie Tomlinson
Director
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
financing. 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.
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SOURCE Quartz Mountain Resources Ltd.
