STEUBENVILLE, OH–(Marketwired – Apr 27, 2016) – Osceola Gold, Inc. (f/k/a Phyhealth Corporation) (OTC PINK: PYHH) today announced it has secured an additional $2.5 million in funding from a large private shareholder in the Company. This funding is in addition to the previously announced up to $20 million line of credit from Zion Capital Ventures also expected to become available shortly.
“We are quite pleased with this loan and can’t thank our private party enough for faith in this mining venture,” stated Christopher Tarquinio, CEO of Osceola Gold. “The loan came from a large private shareholder who is enthusiastic about kickstarting our mining operations. We expect our operations will commence at a fast pace and be in full production this summer. “
The first tranche of funds, in the amount of five hundred thousand dollars ($500,000.00), have been transferred to Osceola’s corporate account and are currently available and being deployed immediately. The balance of $2.0 million from the large private shareholder is forthcoming in near-future tranches. Meanwhile, Zion Capital Ventures believes that the first round of $3.15 million from is also expected to clear within the near future.
Osceola intends on purchasing and refurbishing a separate property as a base for the mining operations with the balance reserved for general corporate purposes. Further tranches from the note are close at hand, and payment to RMS Ross for the purchase and shipment of the Company’s custom-designed processing equipment will follow.
The non-dilutive loan is secured by a promissory note and carries an annual interest rate of 2.0%. The terms of the note do not require any set payback schedule or maturity date.
“The generous terms of the note give us ample financial flexibility to dive headfirst into this project. We are committed to rapidly building shareholder value. Check back for a plethora of exciting updates in the near future,” Tarquino concluded.
About Osceola Gold, Inc. (f/k/a Phyhealth Corporation)
The Company has applied for a corporate name and symbol change. As FINRA concludes due process yielding a final approval, the new name and symbol are expected to go immediately into effect.
Osceola Gold, Inc. has now emerged as a gold mining operation focused in the famous Osceola Mining District of White Pine County, Nevada. The Company has retained all mineral rights for all precious metals, including gold deposits, on their leased land, an over 20 acre expanse of gold mining claims known as Mav G.
Geological reports prepared by Skookum Geological have indicated the value of Mav G at $300-500 million. Historical reports have an average value to a FALSE bedrock at $132.00 per cubic yard. All permits and bonds have been put into place for the mobilization of this project.
Osceola Gold Inc. has also obtained first right of refusal for production on the other Mav claims.
Mining in the Osceola District, White Pine County, Nevada, was launched in the 1870s and continues to this day. Major efforts were put forth in the late 1800s, 1930s and 1970s, with both lode and placer mining striking success with the production of considerable amounts of gold. Studies conducted throughout these periods indicate economically viable amounts of gold in both the bedrock and in particular, the placer deposits that remain. For more information visit: http://www.nbmg.unr.edu/
Safe Harbor Act: Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Please follow us on Twitter – osceolagoldinc.