Quartz Mountain Resources Plans $4.2 Million Equity Financing

Quartz Mountain Resources Ltd. has announced plans to raise $4.2 million through an equity financing initiative. The company will issue 10 million units, each consisting of a share and a half-warrant, priced at $0.42 per unit. The warrants permit purchase of an additional share at $0.60 within a year, subject to trading conditions.

This financing will see 1.7 million units as flow-through, providing tax incentives for Canadian investors, with the rest allocated to various investors, including insider The Sutton Group Inc. Funds from flow-through shares will focus on British Columbia projects, while others will support general expenses and exploration.

Quartz plans to expand its gold-silver-copper portfolio in British Columbia with these funds. The financing awaits customary TSX Venture Exchange approval and aims for completion by February 2025.