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First Colombia Gold Corp (OTCMKTS:FCGD) Stock Gains After Acquisition of UMMC Corp

Ian Leigh , , , ,

Nevada registered corporation First Colombia Gold Corp (OTCMKTS:FCGD) is a holding company which is currently working on transitioning into the diversified medical facilities and hospital operations space.

Trading Data

On Wednesday, FCGD stock rose 50% to $0.0003 with more than 620.91 million shares, compared to its average volume of 23.63 million shares. The stock moved within a range of $0.0002 – 0.0004 after opening trade at $0.0003.

First Colombia Gold Corp. Announces Acquisition of UMMC Corp, a Texas Operator of Medical Facilities with Eight Operating Medical Facilities

Earlier on in the week on May 2 the company announced that it had completed the acquisition of UMMC Group, which is an operator of medical facilities and hospitals in the state of Texas. UMMC Group operates a total of 8 such facilities. It was also noted that the transaction had been in the works for the past few months and the acquisition related documents had been signed by all the parties involved.

It was also announced that much of the due diligence related work had also been completed and the acquisition was going to be formally closed once all those formalities are completed. First Columbia Gold Corp would pay for the acquisition by way of its preferred stock class.

Up until the transaction is completed, the operations of UMMC Group would continue without interruption and once the transaction is completed, it would operate as an independent subsidiary of First Columbia Gold Corp. The valuation of the deal was $158 million as per the current valuation of UMMC Group.

Ian Leigh

Ian Leigh is a specialist in analyzing stocks, SEC and OTC filings, and financials of public and privately-held companies. He has played a significant role in M&A activity, consulting with publicly-held firms on acquisitions and divestitures. He also consults on valuations and branding. He lectures at major universities and teaches at specialty financial schools.