This past Friday the Osceola Gold (OTCMKTS:OSCI) stock had actually enjoyed a significant rally and ended up with gains of as much as 4%. In this situation, it might be a good idea for investors to take a look at the announcement made by the company on Friday.
Trading Data
On Friday, OSCI stock gained 3.47% to $0.1550 with 998K shares, compared to its average volume of 549K shares. The stock moved within a range of $0.1170 – 0.1710 after opening trade at $0.15.
Osceola Gold Enters into Funding Agreement for up to $50 Million with Sajeinidus Agromine S.A. on behalf of 40 Brightwater LLC
The precious metal mining company announced on Friday that it had signed a letter of intent in relation to funding on behalf of the company 40 Bridgewater LLC from SajeinidusAgromine S.A. It goes without saying that it was a major new development for Osceola and the optimism among investors was perhaps understandable.
The company announced that it was going to get $5 million in the form of initial funding and the money was going to be disbursed within 7 to 10 business days since February 25.
The agreement is for funding to the tune of as much as $50 million. The rest of the money will be made available to the company in 30 more business days. At this point in time, it is going to be interesting to see if investors continue to be bullish about the stock over the coming days.
Technical Data
OSCI stock is trading above the 10-Day and 20-Day Moving averages of $0.16 and $0.12 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.11.
