Quartz Mountain Resources Ltd. Announces $3.26 Million Equity Financing and New Key Investor

Quartz Mountain Resources Ltd., a publicly traded entity on the TSXV and OTC Pink, has declared an equity financing initiative to raise $3.255 million. The company plans to issue 9,300,000 treasury common shares priced at $0.35 each. The Sutton Group Inc. has committed to acquiring 6,000,000 of these shares, making them a notable insider in the firm.

The financing consists of 3,300,000 flow-through shares (FT Shares) directed to Robert Dickinson, the Chairman, with the remaining shares to arms-length investors. FT Shares offer tax incentives aimed at fostering mineral exploration in Canada. This financing initiative is structured as a private placement exempt from standard prospectus and registration demands and includes a four-month hold period in Canada.

Quartz Mountain Resources intends to allocate the proceeds from FT Shares for exploring its British Columbia copper-gold-silver projects, while funds from other shares will support general working capital. The completion of this transaction is scheduled for May 2024, pending formal agreements and TSX Venture Exchange approvals.