Punchline Resources Utilizes Credit Facility to Advance Gold Properties in Nevada
TORONTO, ONTARIO--(Sep 21, 2012) - Punchline Resources Ltd. (OTCQB: PUNL) (OTCBB: PUNL) ("Punchline" or the "Company") is pleased to announce that it has requested an additional funding drawdown of $200,000 from the Company's $1,000,000 Line of Credit Facility (the "Line of Credit"). Based on discussions with the Line of Credit provider, the Company anticipates that the funding will be received by the Company within the next 48 hours. Proceeds of this financing will be used for planned exploration and development work at the Company's two active Nevada projects, potential additional acquisitions, general working capital, and other such purposes as the Company may determine from time to time.
"With the Company's recent acquisitions of the Empress and Winnemucca Mountain Properties, management is now quickly ramping up exploration work on both exciting projects. Punchline's mandate is to explore and develop properties thoroughly and effectively to take advantage of gold's recent move to well over $1700," said Ramzan Savji, CEO and President of Punchline. "We are very pleased to be in a position to access additional and future funding to allow the rapid growth of our Company. We are strong believers in the future of our current projects and look forward to further advancing them while also seeking out new projects that fit our aggressive growth strategy."
Following receipt of the second $200,000 in funding, the Company will have an additional $600,000 available from the current Line of Credit. Further expansion of the Line of Credit may be considered, if agreeable to both parties.
About Punchline Resources
Punchline Resources Ltd. is an emerging mineral resources company focused on both domestic and international exploration and development projects. The Company is currently exploring the Empress Property and Winnemucca Mountain Gold Property in Nevada, USA. The Company is also evaluating several additional 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 but not limited to the potential receipt of funding, the start, pace, and quality of exploration programs, the establishment of proven resources on those properties, the possible acquisition of additional projects, and the possible future economic production of minerals. 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 Resources Ltd. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Punchline Resources Ltd. 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)
SOURCE: Punchline Resources