Business
Quartz Announces Acquisition of Buck Property & Graduation to TSX Venture Exchange
VANCOUVER, Nov. 23, 2011 /CNW/ - Quartz Mountain Resources Ltd. (" Quartz " or the " Corporat...
About this update from Quartz Mountain Resources Ltd.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, Nov. 23, 2011 /CNW/ - Quartz Mountain Resources Ltd. (\"Quartz\" or the \"Corporation\") (NEX: QZM.H; OTCBB: QZMRF) announces the acquisition of an option\n (the \"Option\") to acquire a 100% interest in the Buck gold-silver property located\n in central British Columbia (the \"Buck Property\") from Hunter Dickinson Resources Ltd. (\"HDRL\").  Quartz has also made an application to graduate from the NEX\n Exchange to Tier 2 of the TSX Venture Exchange (the \"TSX-V\").\n\n\nAcquisition of Buck Property\n\n\nHDRL holds the Option pursuant to an option agreement (the \"Option Agreement\") with the owners of the Buck Property (the \"Option Grantors\") dated June 28, 2011.  HDRL has agreed to sell its interest in the\n Option Agreement to Quartz, pursuant to a sale agreement (the \"Sale Agreement\") dated November 22, 2011.\n\n\nSale Agreement\n\n\nAs consideration for HDRL entering into the Sale Agreement, Quartz will:\n\n\npay to HDRL $100,000 in cash and issue 1,200,000 shares in the capital\n of Quartz on the closing of the transaction;\n\n\nissue to HDRL 1,200,000 shares in the capital of Quartz in the event\n that Quartz completes a National Instrument 43-101 compliant resource\n estimate on the Buck Property (the \"First Milestone Shares\");\n\n\nissue to HDRL 2,400,000 shares in the capital of Quartz in the event\n that Quartz completes a 'preliminary assessment' or a 'pre-feasibility\n study' (as those terms are used in National Instrument 43-101) on the\n Buck Property (the \"Second Milestone Shares\"); and\n\n\nissue to HDRL 2,400,000 shares in the capital of Quartz in the event\n that Quartz completes a 'feasibility study' (as that term is used in\n National Instrument 43-101) on the Buck Property (the \"Third Milestone Shares\" and, together with the First Milestone Shares and the Second Milestone\n Shares, the \"Milestone Consideration\").\n\n\nThe Sale Agreement is subject to certain conditions, including the\n following:\n\n\nHDRL completing, at its own cost, a report and work program for the Buck\n Property in accordance with the requirements of National Instrument\n 43-101 (the \"Report\");\n\n\nthe graduation of Quartz from the NEX Exchange to the TSX-V;\n\n\nthe completion by Quartz of a debt or equity financing of at least\n $5,000,000; and\n\n\napproval of the TSX-V and sharehold...