Quartz Mountain Resources Announces a $277,000 Private Placement
QUARTZ MOUNTAIN RESOURCES ANNOUNCES A $277,000 PRIVATE PLACEMENT
October 20, 2023, Vancouver, BC - Quartz Mountain Resources Ltd. ("Quartz Mountain" or the
"Company") (TSXV:QZM)(OTC PINK:QZMRF) announces that it has arranged a private placement of 1,538,889
Flow-through units ('Units") at a price of $0.18 per Unit for proceeds of $277,000. Each Unit consists of one
Flow-through common share and one Flow-through warrant ("Warrant") of the Company. Each Warrant allows
the holder to purchase one flow-through common share at a price of $0.18 for a period five (5) years from
completion of the placement. Chairman Robert Dickinson is subscribing for 1,400,000 of the Flow-through
Units. Upon completion of the placement Robert Dickinson will own 25,468,184 common shares (54.9%) of the
46,403,030 shares then outstanding and together with his associates, a total of 32,196,730 (69.4%) of issued
shares. Dilutive securities aggregating 7,350,000 owned by the control group could bring the total group
ownership to 39,546,730 shares or 73.4% if all other dilutive securities are also exercised. An updated early
warning report will be filed at sedarplus.ca on completion of the placement.
The placement is a "related party transaction" within the meaning of Multilateral Instrument 61-101
Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuances to the insiders are
exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as
the Company's shares are not listed on a specified market and from the minority shareholder approval
requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101 in that the fair
market value of the consideration of the securities issued to the related parties did not exceed 25% of the
Company's market capitalization.
The placement is subject to customary TSX Venture Exchange acceptance and is expected to complete in the
near future. The proceeds will be used for an approximately 1,000 meters core drilling program to be
completed in 2023 at the Company's Maestro copper property located near Houston, BC.
On behalf of the Board of Directors
Robert Dickinson
Chairman
For further details, contact Investor Relations at:
T: (604) 684-6365 or within North America at 1-800-667-2114.
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. Assumptions used by the Company to develop forward-
looking statements include that the Company will obtain any necessary permits and consents required to complete the drilling. 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. Investors are cautioned that any such statements are
not guarantees of future performance and actual results or developments may differ materially from those projected 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.sedarplus.ca.