Iconic Provides First Colombia Gold Financing Commitment
First Colombia Gold announced 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.
“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. “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 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. “Even more importantly, this will give us the capital necessary to grow and expand the business after we complete an acquisition.”