Quartz Mountain Closes $550,000 Private Placement

Rhea-AI Summary

Quartz Mountain Resources Ltd. (TSXV:QZM, OTC PINK:QZMRF) announced a private placement raising $550,000 subject to TSX Venture Exchange approval. The funds are allocated for permitting, exploration project costs, and general working capital. Securities issued will have a hold period ending on February 27, 2023. The company emphasizes that future performance is uncertain and outcomes may vary.

Positive

• Raised $550,000 through private placement.
• Funds designated for permitting and exploration costs.

Negative

• Securities are subjected to a hold period until February 27, 2023.

VANCOUVER, BC / ACCESSWIRE / October 27, 2022 / Quartz Mountain Resources Ltd. ("Quartz Mountain" or the "Company") (TSXV:QZM, OTC PINK:QZMRF) announces that further to its news release of October 24, 2022 and subject to TSX Venture Exchange final approval, the Company has completed a private placement for proceeds of $550,000.

The securities issued pursuant to the private placement are subject to a hold period expiring on February 27, 2023, pursuant to applicable Canadian securities laws.

The proceeds will be used for permitting and exploration project costs and general working capital.

On behalf of the Board of Directors,
Robert Dickinson
Chairman & CEO

For further details, contact Leonie Tomlinson, President at:
T: (604) 684-6365 or within North America at 1-800-667-2114.
E: info@quartzmountainresources.com
W: www.quartzmountainresources.com

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. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. For more information on the Company, and the risks and uncertainties connected with its business, investors should review the Company's home jurisdiction filings at www.sedar.com and its filings with the United States Securities and Exchange Commission at www.sec.gov.

SOURCE: Quartz Mountain Resources Ltd.

View source version on accesswire.com:
https://www.accesswire.com/722562/Quartz-Mountain-Closes-550000-Private-Placement

FAQ

What amount did Quartz Mountain Resources raise in their private placement?

Quartz Mountain Resources raised $550,000 through their private placement.

What will the proceeds from the private placement be used for?

The proceeds will be used for permitting, exploration project costs, and general working capital.

When does the holding period for the securities from the private placement expire?

The holding period for the securities expires on February 27, 2023.

Is the private placement subject to TSX Venture Exchange approval?

Yes, the private placement is subject to final approval from the TSX Venture Exchange.