Quartz Mountain Sells Royalty

Rhea-AI Summary

Quartz Mountain Resources Ltd. has announced the sale of its 1% Net Smelter Return Royalty on the Quartz Mountain Gold Property in Oregon for US$150,000. The transaction involves an arms-length third party. This Royalty was acquired when Quartz Mountain sold the Gold Property to Seabridge Resources Inc. in 2001. The company believes the sale will provide financial flexibility for future projects. For further information, investors are encouraged to consult Quartz Mountain's filings on www.sedar.com.

Positive

• Sale of 1% Net Smelter Return Royalty for US$150,000 provides immediate cash flow.
• Transaction may enhance financial flexibility for future projects.

Negative

• The sale indicates a potential lack of ongoing revenue from the Quartz Mountain Gold Property.
• Reliance on one-time transactions may not support long-term growth.

VANCOUVER, BC / ACCESSWIRE / February 4, 2021 / Quartz Mountain Resources Ltd. ("Quartz Mountain" or the "Company") (TSX-V:QZM)(OTCBB:QZMRF) announces that it has sold 100% of its 1% Net Smelter Return Royalty (the "Royalty") on the Quartz Mountain Gold Property, located in Oregon for US$150,000. The Purchaser is an arms length third party. The Company acquired the Royalty when it sold the Quartz Mountain Gold Property to Seabridge Resources Inc. in 2001.

For further details, contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.

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 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.

View source version on accesswire.com:
https://www.accesswire.com/627807/Quartz-Mountain-Sells-Royalty

FAQ

What did Quartz Mountain Resources Ltd. announce on February 4, 2021?

Quartz Mountain announced the sale of its 1% Net Smelter Return Royalty on the Quartz Mountain Gold Property for US$150,000.

Who purchased the Royalty from Quartz Mountain Resources Ltd.?

The Royalty was purchased by an arms-length third party.

What was the purpose of selling the Royalty for QZMRF?

The sale aims to provide immediate cash flow and enhance financial flexibility for future projects.

When did Quartz Mountain Resources Ltd. acquire the Royalty?

Quartz Mountain acquired the Royalty when it sold the Quartz Mountain Gold Property to Seabridge Resources Inc. in 2001.