sur Quartz Mountain Resources Ltd. (isin : CA74773L3011)
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.
R. E.
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