Quartz Mountain Resources Ltd. announced an agreement to purchase an outstanding option to acquire a full interest in a mining property in Canada.
The option is currently owned by Hunter Dickinson Resources Ltd. and permits the holder to acquire a 100% interest in the Buck property located in British Columbia. The company believes that the property is prospective for gold and silver.
Quartz Mountain Resources Ltd. has agreed to pay $100,000 in cash to Hunter Dickinson Resources Ltd. and issue 1.2 million shares of company common stock in exchange for the option.
Quartz Mountain Resources Ltd. is also required under the purchase agreement to issues shares of common stock to Hunter Dickinson Resources Ltd. if certain milestones are reached at the Buck property. These milestones involve the completion of resource estimates of gold and silver at the property.
Quartz Mountain Resources Ltd. must meet certain conditions for the sale agreement to be effective. These conditions include completing a report and work program at the Buck property, and approval by a majority of the shareholders. The company must also raise a minimum of $5 million in capital in the form of debt or equity and list the company’s common stock on the Toronto Venture Exchange.
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