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Quartz Mountain Resources is raising $3.26 million through the issuance of new common shares, with key investor The Sutton Group Inc. committing to purchase a significant portion. The funds will be used for exploration of Canadian mineral projects and general working capital. The company's shares will increase to 58,118,030 upon completion of the issuance. The transaction is subject to TSX Venture Exchange approval and is expected to finalize in May 2024.