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Quartz Mountain Announces Cash Payments and Share Issuances to Settle Debt
Quartz Mountain Announces Cash Payments and Share Issuances to Settle Debt Quartz ...
About this update from Quartz Mountain Resources Ltd.
[{"type":"text","content":"\n\n\n\nQuartz Mountain Announces Cash Payments and Share Issuances to Settle Debt\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nQuartz Mountain Announces Cash Payments and Share Issuances to Settle Debt\nCanada NewsWire\nVANCOUVER, Jan. 20, 2016\n\n\n\nVANCOUVER, Jan. 20, 2016 /CNW/ - Quartz Mountain Resources Ltd. (\"Quartz Mountain\" or the \"Company\") (TSX-V: QZM; OTCBB: QZMRF) announces that it has reached agreements with Bearclaw Capital Corp. (\"Bearclaw\"), the holder of its convertible debenture, and Hunter Dickinson Services Inc. (\"HDSI\") to which it owes payment for services.  \n\nBearclaw will forgive a convertible debenture with current amount owing of $500,000 plus interest of $1,438 (the \"Debenture Settlement\") if Quartz Mountain completes the following:\n\n\nmakes a cash payment of $29,793 to Bearclaw; \nissues 2 million shares to Bearclaw; and \ntransfers the Gnat Property (three claims, totalling 1,294.3 hectares), which was acquired from Bearclaw in exchange for the convertible debenture back to Bearclaw at no cost. The Gnat Property remains in good standing until August 2016.\n\nHDSI has agreed to forgive debt in the net amount currently owing of $3,086,089 (\"Debt Settlement\") if Quartz Mountain completes the following:\n\n\nmakes a cash payment of $180,207 to HDSI; and \nissues 6 million shares to HDSI.\n\nAny shares issued in connection with the Debenture Settlement and the Debt Settlement will be issued in reliance of certain prospectus and registration exemptions under applicable securities legislation and are subject to a four month hold period.\n\nAny HDSI principal that is also a member of the Quartz Mountain Board of Directors has abstained from voting on the Debt Settlement.  The Debenture Settlement and Debt Settlement are subject to regulatory approval, including acceptance by the TSX Venture Exchange.\n\nSubsequent to completion of the Debenture Settlement and Debt Settlement, Quartz Mountain intends to complete a 10:1 consolidation of its common shares and, thereafter, to pursue a new transaction or acquire a new a...