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Punchline Resources Ltd. (PUNL)
Punchline announced that the Company has requested an initial funding drawdown of $200,000 from the recently secured $1,000,000 Line of Credit Facility. 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.
Source: MarketWire
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