LAS VEGAS, NV -- (Marketwired) -- 07/17/13 -- Punchline Resources Ltd. (OTCQB: PUNL) (OTCBB: PUNL) ("Punchline" or the "Company") is pleased to announce that it has received approval by its director and a majority of shareholders for a change of name to Northern Minerals & Exploration Ltd. and for a share consolidation of the Company's issued and outstanding shares of common stock on the basis of one (1) new share for ten (10) old shares.
The Company currently has 50,444,842 shares of common stock issued and outstanding. Following the proposed share consolidation, the number of issued and outstanding shares of common stock would be reduced to approximately 5,044,484, assuming that there are no additional share issuances prior to the consolidation. No fractional shares will be issued in connection with the proposed consolidation; all fractional shares shall be rounded down. The Company's authorized capital will remain unchanged.
Further instructions will be provided to shareholders at a later date once the proposed transaction has been approved by (Financial Industry Regulatory Authority) FINRA and all filings have been made with the Secretary of State.
About Punchline Resources
Punchline Resources Ltd. is an emerging mineral resources company focused on both domestic and international exploration and development projects. The Company's current focus is the Winnemucca Mountain Property in Nevada. The Company may also evaluate 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 including the completion of a change of name and share consolidation. 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)
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