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Mammoth Energy Reports on Its Future Initiatives
By: Marketwired .
Nov. 7, 2012 03:14 PM
NEW YORK, NY -- (Marketwire) -- 11/07/12 -- Mammoth Energy Group Inc. (PINKSHEETS: MMTE) announced today that the Company intends to implement a reverse stock split of Mammoth Energy Group's common stock before December 31, 2012.
All details and effects of the reverse stock split will be released on a timely basis as the Company begins the process. Following the split, the Company intends to be able to rapidly move forward toward increasing its lithium assets since pricing per acreage comparable to MMTE has increased substantially over the last three years.
"This increase in shareholder value is intended to mirror the Company's asset value from where Mammoth Energy's lithium transaction began to where it is today. Mammoth Energy is seeking to continue monitoring lithium sector developments in order to bring back shareholder value to MMTE," said William Lieberman, President of Mammoth Energy Group.
Mammoth Energy Group's Compania Lithium Investments Limitada has already acquired an initial thirteen lithium concessions for a total of 8649 acres (3500 Hectares) in the southern section of the Salar de Maricunga, seven concessions for a total of 4695 acres (1900 hectares) in the Salar de Pujsa, 2471 acres (1000 hectares) in the Salar del Laco for a total of over 28,000 combined acres on seven different properties throughout Chile. The company is currently seeking acquisitions and Compania Lithium Investments Limitada was created to acquire, develop and explore lithium and mining assets in Chile on behalf of Mammoth Energy Group Inc.
About Mammoth Energy Group Inc. (PINKSHEETS: MMTE) www.mammoth-energy.com
These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, management cannot assure the public that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
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