VANCOUVER, Dec. 28, 2012 /CNW/ - Quartz Mountain Resources
Ltd. ("Quartz Mountain" or the "Company") (TSX-V:
QZM; OTC: QZMRF) announces that it has arranged a non-brokered
private placement (the "Offering"), comprised of 1,752,409
flow-through common shares at a price of $0.30 per share, and 461,914 non flow-through
common shares at a price of $0.25 per
share, for gross proceeds of $641,201. A finder's fee is payable on a
portion of the Offering.
The shares issued pursuant to the Offering are subject to a hold
period expiring four months and a day after closing of the
Offering. The proceeds raised from the Offering are to be
used to fund exploration work on Quartz Mountain's properties in
British Columbia, and for general
corporate and working capital purposes.
No material change report was filed more than 21 days before the
expected closing of the Offering as details of the Offering were
not settled until shortly before the closing of the Offering.
The closing of the Offering has been approved by the TSX Venture
Exchange and it is expected to take place today.
About Quartz Mountain Resources Ltd.
Quartz Mountain Resources Ltd. is a Vancouver-based exploration company focused on
making a major new deposit discovery in British Columbia. Quartz Mountain is
associated with Hunter Dickinson Inc. (HDI), a diversified, global
mining group with more than 25 years of mineral development
success.
On behalf of the Board of Directors
Scott Cousens
Chairman
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 that address
exploration drilling, exploitation activities and other related
events or developments are forward-looking statements. Although
Quartz Mountain 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. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, potential environmental issues or
liabilities associated with exploration, development and mining
activities, exploration and exploitation successes, continuity of
mineralization, uncertainties related to the ability to obtain
necessary regulatory approvals, permits, licenses and title and
delays due to third party opposition, changes in and the effect
government policies regarding mining and natural resource
exploration and exploitation, continued availability of capital and
financing, and general economic, market or business conditions.
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, investors should review Quartz Mountain's
annual Form 20-F filing with the United States Securities and
Exchange Commission at www.sec.gov and its home jurisdiction
filings that are available at www.sedar.com.
SOURCE Quartz Mountain Resources Ltd.