First Colombia Gold Corp (OTCMKTS:FCGD) Stock On Watchlist After Acquisition News
Nevada corporation First Colombia Gold Corp (OTCMKTS:FCGD) is currently working on transitioning into a holding company involved in a range of medical facilities and hospital operations. Yesterday the company announced that it had completed the acquisition of UMMC Corp, an operator of medical facilities and hospitals based out of Texas. UMMC Corp operates a total of 8 medical facilities.
Trading Data
On Tuesday, FCGD stock ended flat at $0.0002 with more than 23K shares, compared to its average volume of 13.68 million shares. The stock moved within a range of $0.0002 – 0.0002 after opening trade at $0.0002.
First Colombia Gold Corp. Announces Acquisition of UMMC Corp, a Texas Operator of Medical Facilities with Eight Operating Medical Facilities
The deal had been in the works for the past few months and yesterday it emerged that the acquisition related documents had been signed by all the parties involved. It was also announced that much of the due diligence work had been completed and the acquisition would be closed once all the due diligence work is completed by the concerned entities.
The company is going to pay for the acquisition through its preferred stock class. Once the acquisition is completed, UMMC Corp would continue its operations without break but will operate as an independent subsidiary of First Columbia. The deal is valued at $158 million as per the current market value of UMMC Corp. Historically,First Columbia had been involved in prospecting and gold mining related activities. It was back in November last year that the company decided to change its business purpose.
