Just like IDNG I'm calling PUNL out!
Punchline Resources, Ltd (OTC: PUNL) is quickly shaping up to be one of the most exciting stories in Penny Stocks; already trading millions in daily trading volume PUNL has been making a strong steady move up in recent sessions from well under $1 to recent highs of $1.20
I initially wrote this article when the stock was still trading at the $0.80 mark. Since then the PR campaign has begun in earnest; Punchline announced Mr. Ramzan Savji as new President and CEO and that that they have made an application to change their name to Punchline Resources Ltd to more accurately reflect the nature of the Company's new mineral exploration and development focus.
On August 24 in a rather vague announcement Punchline announced that the Company has initiated discussions to potentially acquire interests in one or more gold exploration and development projects in North America and internationally. Then on the 28th of August they announced a $1,000,000 Line of Credit Facility.
Currently trading at a market valuation of around $60M PUNL has little assets and no revenues to date and the Company’s biggest project by far seems to be the rumor multi-million dollar stock promotion. We know that PUNL is being promoted by Brighton Markets as well as Bollinger Research which were the groups that promoted the now infamous Independence Energy Corp (OTC: IDNG)
IDNG started trading in March of this year at a little over $0.50 and rose to highs of well over $4 per share in a historic run marked by massive dollar volume. In the beginning of August they did a 12 for 1 forward stock split and tanked the stock to pennies while all shareholders shares were locked up in the split in one of the sketchiest moves in recent bb history.
Thousands of Investors who bought into the hype on the way up for many dollars per share were whipped out left holding the bag. And now, less then a month after the swift collapse of IDNG they bring us PUNL structured and trading exactly the same way that IDNG did when it first started.
Conclusion: PUNL and IDNG have many things in common starting with the way the deals were structured and I’m willing to bet that this one will end up exactly where IDNG did in the end leaving a trail of bag holders in its wake. In the meantime, Punchline may provide a spectacular trade opportunity. Still just in the very early stages I suspect there is a multi-million dollar promotion to back up this run which could easily catapult PUNL to 2 or 3 times its current levels. Of course nobody knows exactly when the stock will collapse but when it does one does not want to be around.
My suggestion to everyone regarding PUNL: You can probably double your money easy from current level of $1 just make sure to take your profits early or you could very well lose everything.
I will update as new events unfold. Make sure you are subscribed to OTCMagic so you get the inside scoop on PUNL.
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Punchline Entertainment, Inc (OTC: PUNL) was incorporated in Nevada in December 2006 as a development stage company that intends to place vending machines in venues such as bars, pubs and nightclubs in the Seattle, Washington area. The core business will be the placing of strength testing amusement machines called "Boxers", in various venues in the State of Washington.
On Aug 23, 2012 Punchline Entertainment Inc. annonced that the Company has made an application to FINRA to change its name to Punchline Resources Ltd. The name change is necessary to more accurately reflect the nature of the Company's new mineral exploration and development focus.