ALBANY, Ky., Feb. 25, 2015 (GLOBE NEWSWIRE) -- First Colombia Gold Corp. (OTCQB:FCGD) is pleased to announce that it has secured a $5 million equity line of credit to further advance its acquisition and growth strategies. The equity line is being provided by Iconic Holdings LLC.
"This equity line of credit will allow our company to fund operations and make strategic acquisitions at a significantly lower cost of capital when compared to some of the other financing transactions we have entered into over the prior 12 months" stated Jason Castenir, CEO of First Colombia Gold Corp. "Our corporate strategy has not wavered - we are focusing on growing our company through the purchase of performing but undervalued operations that we can develop and improve upon through our industry expertise. Having access to this on-demand capital will increase our ability to implement this strategy successfully."
First Colombia Gold Corp. completed its first acquisition in July of 2014 by securing an existing portfolio of oil and gas wells along with the equipment, land and facilities that are being utilized in the operation of these oil interests.
"This equity line will be a tremendous financing tool for our company that should allow us to acquire distressed or under performing companies because we will have the access to the capital required to close quickly," added Clarence Parks, President of First Colombia Gold Corp. "Even more importantly, this will give us the capital necessary to grow and expand the business after we complete an acquisition."
About Iconic Holdings, LLC
Founded in 2013, Iconic Holdings, LLC is a Southern California based fund that makes direct investments into domestic small and micro-cap public companies.
This release contains forward-looking statements that are based on beliefs of First Colombia Gold Corp. management and reflect First Colombia Gold Corp.'s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities and Exchange Act of 1934, as amended. When we use in this release the words "estimate," "project," "believe," "anticipate," "intend," "expect," "plan," "predict," "may," "should," "will," "can," the negative of these words, or such other variations thereon, or comparable terminology, are all intended to identify forward looking statements. Such statements reflect the current views of First Colombia Gold Corp. with respect to future events based on currently available information and are subject to numerous assumptions, risks and uncertainties, including but not limited to, risks and uncertainties pertaining to development of mining properties, changes in economic conditions and other risks, uncertainties and factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. The information contained in this press release is historical in nature, has not been updated, and is current only to the date shown in this press release. This information may no longer be accurate and therefore you should not rely on the information contained in this press release. To the extent permitted by law, First Colombia Gold Corp. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission. This press release incorporates by reference the Company's filings with the SEC including 10K, 10Q, 8K reports and other filings. Investors are encouraged to review all filings. There is no assurance First Colombia Gold Corp. will identify projects of merit or if it will have sufficient financing to implement its business plan. There is no assurance that the Company's due diligence on the potential acquisition of oil and gas assets will be favorable nor that definitive terms can be negotiated. Information in this release includes representations from the private companies referred to which has not been independently verified by the company. A downturn in oil prices would affect the potential profitability of the proposed acquisition negatively.
Source:First Colombia Gold Corp.