QUARTZ MOUNTAIN RESOURCES LTD. Quartz Mountain Resources Ltd. ("Quartz Mountain" or the "Company") announced that further to its news release of October 20, 2023 and subject to TSX Venture Exchange final approval, the Company has completed a private placement for proceeds of $277, 000. The securities issued pursuant to the private placement are subject to a hold period expiring on March 1, 2024, pursuant to applicable Canadian securities laws. 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 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.
