VANCOUVER, Dec. 29, 2017
/CNW/ - Quartz Mountain Resources Ltd. ("Quartz Mountain" or
the "Company") (TSX-V: QZM; OTCBB: QZMRF) is pleased to report that
the previously announced consolidation (the "Consolidation") of its
common shares on the basis of one (1) post-Consolidation common
share for every ten (10) pre-Consolidation common shares will be
effective on January 2, 2018 and
trading of the Company's common shares will commence on a
consolidated basis on the TSX Venture Exchange (the "TSX-V") at the
opening on such date.
The Consolidation has been approved by the TSX-V, and a related
bulletin has been issued by TSX-V on December 29, 2017.
A letter of transmittal will be mailed to shareholders advising
that shareholders should surrender their existing share
certificates (representing the pre-Consolidated common shares).
Each existing share certificate will be deemed, for all purposes,
to represent the number of common shares to which the holder
thereof is entitled as a result of the Consolidation.
The Consolidation was undertaken to better position the Company
to pursue its business plan. Prior to the Consolidation, the
Company had 33,470,995 common shares outstanding. Following the
Consolidation, the Company will have approximately 3,347,099 common
shares outstanding. The Company's name will not be changed in
conjunction with the Consolidation.
On behalf of the Board of Directors
Robert Dickinson
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 are forward-looking-statements.
These statements include expectations about the likelihood of
completing the 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.