STEUBENVILLE, OH--(NewMediaWire - 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/
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the meaning of Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
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of which are beyond our control, which may cause actual results,
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to (and expressly disclaim any such obligation to) update or alter
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information, future events or otherwise.
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