Punchline Resources (OTC: PUNL) has just announced its request for additional funding through its line of credit facility after the acquisition of Empress and Winnemucca Mountain Properties. This is its second request for funding. This time around, the company has asked for and received approval for a funding drawdown of $200,000 from its $1,000,000 line of credit facility.
Based on discussions and meeting with the line of credit service provider, it has been decided that Punchline Resources will be receiving the amount of $200,000 within the next 48 hours. The company has requested this additional financing in order to continue its exploration and development of the two existent Nevada projects that Punchline is actively pursuing. The funds will also be used to cover any foreseeable additional acquisitions as well as general capital needed for working and overhead expenditure. Basically, the amount will be at the company’s disposal and can be used however seen fit by the board of the company.
After the acquisition of the Empress Gold Mine area in Nevada, the company put forward a proposal to acquire a new stretch of mining land. This land is called the Winnemucca Mountain Gold Property in Humboldt County, Nevada. The company is currently looking forward to aggressive exploration and mining development and the land in Winnemucca Mountain fit perfectly into its future predictions and aspirations. Punchline entered an option agreement that enabled it to acquire a total of 70% of the interest available in this advanced gold exploration project.
About Punchline Resources
Punchline Resources is one of the upcoming market leaders in the mineral resource exploration, mining and development industry. This emerging mineral resources company is traded in the over the counter market. The Empress property and the newly acquired Winnemucca Mountain Gold Property in Nevada are the two main focus areas for the company.
Punchline Resources is currently one of the most actively traded penny stock companies in the OTC market. The last trading session has not been great for the company. The share price has fallen by a whopping 73.9% as of September 25, 2012. The company opened trading at $1.57 per share and closed at $0.41 per share. This fall of $1.16 per share has been a disaster for shareholders. Its average trading volume over the last three months has been recorded at 318,756.
Other penny stock companies being traded on the OTC market are the likes of Liberty Silver (OTC: LBSV). This silver and precious metals mining and exploration company is trading at $1.38 per share, which is 3.8% more than the closing prince in the last trading session. Liberty Star Uranium & Metals (OTC: LBSR), on the other hand, has neither seen a gain nor a fall in share value. It is currently trading at $0.026 per share as it was at the close of the last session.