With the completion of the acquisition, Quartz is paying $100,000 in cash and has issued 1,200,000 common shares and six million additional common shares to be issued to HDR.
In addition, Quartz is paying $20,000 in cash and has issued 100,000 common shares to the owners of the Buck Property, under the terms of the options agreement signed previously.
The firm will pay up to $85,000 in cash and issue up to 550,000 common shares to the Option Grantors within the next three years.
Quartz has completed private placement of 7,183,371 common shares of which 6,043,171 are flowthrough common shares issued at a price of $0.60 per share.
Shares of 1,140,200 are non-flow through which is issued at a price of $0.50 per share for gross cash proceeds of $4,196,002.
All of the shares issued pursuant to the private placement are subject to a four month hold period, which hold period expires on April 30, 2012.
Funds secured from the private placement will be used to finance the acquisition of the Buck Property, to advance exploration of the Buck Property and for other general corporate and working capital purposes.
