QUARTZ MOUNTAIN COMPLETES PURCHASE OF BC MINERAL PROJECTQuartz Mountain Resources LTD • July 7th, 2021 • Gold and silver ores
July 7, 2021 Vancouver, BC - Quartz Mountain Resources Ltd. ("Quartz Mountain" or the "Company") (TSX-V: QZM: OTCBB: QZMRF) has completed the acquisition transaction announced on June 10, 2021. Under a mineral claims purchase agreement (the “Agreement”) dated June 8, 2021 between the Company and Impala Capital Corp. (the “Vendor”), the Company will acquire a 100% interest in nine mineral claims located near Houston, British Columbia (the “Property”). Under the terms of the Agreement, the Company acquired a 100% interest in the Property by making $105,000 in cash payments and issuing 1,000,000 shares to the Vendor, which are subject to a 4 month resale restricted period. The Property is subject to a pre-existing 2.5% net smelter returns royalty held by an unrelated arm’s length third party, of which 1.5% can be purchased for $1.5 million.
