Punchline Requests Initial Funding Agreement Drawdown
TORONTO--09/05/12- Punchline (PUNL) (PUNL) ("Punchline" or the "Company") is pleased to announce that the Company has requested an initial funding drawdown of $200,000 from the recently secured $1,000,000 Line of Credit Facility (the "Line of Credit"). Based on discussions with the Line of Credit provider, it is anticipated that the funding will be received by the Company within the next 48 hours. Proceeds of this financing will be used for gold exploration and development project acquisition, general working capital, and other such purposes as the Company may determine from time to time.
"We are very excited to have access to new and future investment capital to put towards our rapidly developing growth strategy," said Ramzan Savji, CEO and President of Punchline. "This first round of funding should be put to good use quickly as we expect to acquire interests in one or more exciting gold exploration and development projects over the next few weeks."
Following receipt of the initial $200,000 in funding, the Company will have access to an additional $800,000 on the current Line of Credit. Further expansion of the Line of Credit may be considered, if agreeable to both parties.
Punchline Entertainment Inc. (soon to be Punchline Resources Ltd.) is an emerging mineral resources company focused on both domestic and international exploration and development projects. The Company is currently evaluating several projects for potential acquisition and/or participation.
Some information in this press release constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements, such as the company anticipating to acquire interests in one or more exciting gold exploration and development projects over the next few weeks. There can be no assurance that the Company will acquire any such property. The words "plan", "forecast", "anticipates", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Punchline Entertainment Inc. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Punchline Entertainment Inc. disclaims any obligation to update forward-looking statements contained in this press release, except as may be required by law.
FOR FURTHER INFORMATION REGARDING PUNCHLINE, CONTACT:
PUNCHLINE INVESTOR RELATIONS
(888) 553-9995 (TOLL-FREE)