Quartz Mountain Completes $1.7 Million Financing

Quartz Mountain Resources Ltd. has finalized a private placement of 4,247,500 units, generating gross proceeds of $1.7 million. This has bolstered the company's working capital to $4 million. The financing included 1,500,000 FT Units to Robert Dickinson, Chairman, and his associates, and 1,500,000 Units to The Sutton Group Inc., an insider of the company.

The funds from the FT Units will exclusively facilitate exploration within Quartz's gold-silver-copper projects in British Columbia. Meanwhile, proceeds from the non-FT Units will cater to both exploration activities and general capital requirements. Issued securities will be locked for four months and a day, with the offering contingent upon TSX Venture Exchange approval. No distribution was made to U.S. investors.